Corporate treasuries now hold 7.33 million ETH — worth roughly $16 billion at current prices — the highest level ever recorded. That's about 6% of Ethereum's entire circulating supply sitting on company balance sheets, a figure that keeps climbing even as the broader market pulls back. ETH traded at $2,119 Tuesday, down more than 3% over the past day.
The numbers behind the record
The 7.33 million ETH figure marks a fresh all-time high for corporate holdings, according to on-chain data. Institutional buyers appear to be treating Ethereum as a long-term reserve asset, steadily adding positions rather than flipping for short-term gains. The $16 billion valuation reflects the current market price, which has slipped into a buy wall zone — a price band where buying pressure historically concentrates and can slow or reverse declines.
Whales split in two directions
While corporate and large whale wallets are stacking, smaller and medium-sized ETH whales are heading the other way. Data shows these mid-tier holders have been selling steadily, likely into the bids of larger players. The result: large whales' balances are rising, and they appear to be the primary counterparty absorbing the supply from smaller sellers. The price drop to $2,119 suggests the selling has been forceful enough to push ETH below recent support levels, but the buy wall may provide a floor.
Resistance ahead at $2,250
A sell wall has formed around $2,250, putting a ceiling on any near-term rally attempts. That zone is dense with limit orders ready to sell, and it's been building as ETH declines. The combination of a buy wall below and a sell wall above leaves Ethereum trading in a tightening range — at least until one side breaks. The diverging whale behavior adds complexity: if small/medium holders keep dumping while institutions keep buying, the battle lines are drawn around those two price levels.
The next few days will test whether the buy wall can absorb the ongoing whale selling, or whether the sell wall drags ETH lower. Corporate accumulation is a bullish signal over months, but it doesn't prevent short-term pain.
