Derive Reports Institutional Ethereum Accumulation in Q4

• Companies accumulate more ETH than US ETFs
• Treasuries can hold up to 10% of the supply
• Derive predicts ETH hits $6.000

Ethereum continues to gain ground on the institutional radar, both through spot ETFs in the United States and through corporate treasuries that have stepped up their purchases. According to a market update from Derive, this movement reveals "explosive potential heading into the fourth quarter," even amid volatile short-term flows.

Nick Forster, founder of Derive, noted that ETFs added approximately 250.000 ETH in the last week, bringing their reserves to around 6,74 million tokens. However, companies with "strategic ETH reserves," such as BitMine Immersion and SharpLink Gaming, surpassed this amount, collectively accumulating around 330.000 ETH in the same period.

“SERs now hold nearly 4% of the total ETH supply and are quickly catching up to the 5,5% held by ETFs”

Forster explained, adding that, with expected interest rate cuts, these reserves could represent between 6% and 10% of supply by the end of 2025.

Derive also noted that short-term implied volatility for ETH options fell from 75% to 63% last week, signaling a market pricing in more gradual movements. Using Derive's price probability engine, there's a 30% chance Ethereum will reach $6.000 by the end of October and a 44% chance by the end of the year.

Despite this optimism, spot ETH ETFs in the US saw redemptions of around $135,5 million. For Timothy Misir, head of research at BRN, the strength of corporate accumulation may offset some of these outflows, notably weekly purchases by SharpLink and other cryptocurrency-focused treasuries.

Misir noted that ETH's price finds support near $4.350 and resistance in the $4.800 range, while recent trading was around $4.320, representing a 6% weekly decline. He also emphasized that derivatives flows and macroeconomic conditions remain crucial factors in the currency's trajectory.

Companies like ETHZilla and The Ether Machine have also increased their exposure, either through staking over $100 million or new treasury plans exceeding $650 million. These moves, combined with stable institutional demand, have been restricting the available supply of ETH in the market.