Ethereum Surpasses $3,400: Investors Hesitate Between Accumulating and Taking Profit

Ethereum (ETH) has surpassed $3,400 for the first time in over six months, signaling a strong price surge.

Although this milestone has prompted some investors to take profits, others are actively accumulating ETH, reflecting different strategies.

SharpLink Gaming and World Liberty Financial Increase Ethereum Holdings

BeInCrypto reported yesterday that Ethereum has become the 30th largest global asset, surpassing Johnson & Johnson. Moreover, analysts are very optimistic about its prospects, and ETH seems to be meeting those expectations.

Yesterday, the altcoin's price rose to over $3,424 before slightly declining. However, in the past 24 hours, ETH's value increased by 6.87%. At the time of writing, it is trading at $3,324.

Amid this price surge, on-chain data highlighted significant moves by large whales. SharpLink Gaming, which implemented an Ethereum treasury strategy last month, has doubled its bet.

According to data from EmberCN, the company has become a major accumulator, adding 20,279 ETH, worth approximately $68.38 million. SharpLink purchased these ETH through Coinbase Prime and Galaxy Digital.

"In the past 8 days, they have accumulated 111,609 ETH ($343.38 million)," Lookonchain posted.

With this latest purchase, the total ETH held by SharpLink has reached 321,000 ETH. The average purchase price is around $2,745. Additionally, the company currently has an unrealized profit of $204 million.

Besides SharpLink, other organizations are also consolidating their ETH positions. OnchainLens highlighted that the DeFi project backed by President Donald Trump, World Liberty Financial (WLFI), purchased 3,007.4 ETH worth approximately $10 million. The purchase price per coin was $3,325.

Moreover, Lookonchain noted that an address linked to Fenbushi Capital withdrew 4,000 ETH from Binance, signaling a potential strategic repositioning. Similarly, an unidentified whale withdrew 7,980 ETH worth $26.86 million from Kraken.

EmberCN added that this entity has withdrawn a total of 88,292 ETH, equivalent to $250 million, from Kraken since last week. Currently, the unrealized profit is $49.5 million.

"This address is a new one and only interacts with Kraken's hot wallet. Personally, I feel this could be an address of a US public trading company with an ETH reserve plan that has not yet disclosed its address. Of course, it could also be Kraken's own Cold Storage wallet for ETH, though this is less likely," the on-chain analyst stated.

Whales Take Profits as Ethereum Price Surges

Meanwhile, profit-taking and selling activities are also evident among other investors. Trend Research, an investment firm, sold 79,470 ETH, worth $250 million at an average price of $3,145 over the past two days.

The company had purchased 184,115 ETH, worth $390 million, at an average price of $2,118 from 02/26 to 06/20. Currently, they hold 105,664 ETH, worth $354 million.

Another whale sold 98,610 ETH, worth $278 million, at an average price of $2,819 over the past eight days. They still hold 35,022 ETH, worth $117.5 million. This holder had previously earned over $30 million in profit from Ethereum.

Finally, Argot Collective, a non-profit organization, sold 1,210 ETH to receive 4.09 million USDC. This fund had received 7,000 ETH from the Ethereum Foundation's operating fund.

"Since beginning to sell ETH for stablecoins on 07/11, they have converted 3,626.6 ETH into 11.2 million USDC, with an average selling price of $3,089," EmberCN revealed.

These buying and selling actions reflect the opposing strategies that investors are adopting during the current price surge. SharpLink's accumulation positions the company significantly, while Trend Research's selling creates a balance to the ongoing upward trend.