Whale Accumulation a...

Whale Accumulation and Tom Lee’s Valuation Model Reinforce Institutional Bullishness on Ethereum

By José Oramas July 21, 2025 In Blockchain, Ethereum

Ethereum whales have accumulated over 500,000 ETH in two weeks, signaling growing confidence in a long-term rally, as on-chain data and market sentiment align.
Fundstrat’s Tom Lee projects ETH could hit $4K by July and reach $15K by year-end, citing valuation models that compare Ethereum to high-multiple fintech firms like Circle.
Lee calls Ethereum “Wall Street’s preferred choice” for blockchain infrastructure, positioning it as a core asset with growing real-world financial relevance.

Ethereum is drawing fresh attention from both large-scale holders and traditional finance figures, bolstering the case for a major upside in the months ahead.

On-chain data shows that Ethereum whales have accumulated more than 500,000 ETH in the past two weeks, according to analyst Ali Martinez. Evidently, the crypto community is now convinced that traders are positioning for a longer-term rally for the asset.

Whales have bought over 500,000 Ethereum $ETH in the last two weeks! pic.twitter.com/9Th37pLxqC
— Ali (@ali_charts) July 19, 2025

That quiet accumulation is now being echoed on Wall Street. In a recent interview with CoinDesk, Fundstrat’s Tom Lee outlined an aggressively bullish outlook for ETH, projecting a price target of up to US$15K (AU$23K).

Lee pointed to valuation models developed by his team that compare Ethereum to private fintech players like Circle, using EBITDA-based multiples to justify the forecast.

“Ethereum is infrastructure,” Lee said, drawing parallels to software companies that trade at premium valuations because they underpin entire ecosystems. Layer-1 platforms like Ethereum, he argued, deserve similar treatment.

Ethereum Could Reach $4K By The End of July

At the time of writing, ETH is trading at US$3,726 (AU$5,727), up 4% on the day, 25% in the past week, and a whopping 58% in the last 30 days. Looks like Ethereum is finally having a break after struggling to keep up with high-performing assets like Bitcoin, Solana, or most altcoins for that matter.

Lee cited Fundstrat’s technical strategist Mark Newton, who sees more room to run in the short term, predicting that ETH could touch US$4K (AU$6.1K) by the end of July, with Lee adding that a move into five-digit territory could follow, potentially before the end of the year.

Beyond valuation models, Lee pointed to Ethereum’s growing role in real-world finance. Speaking to CNBC earlier this month, he described Ethereum as “Wall Street’s preferred choice” for blockchain infrastructure.