SharpLink, a US sports betting and digital content company, is showing signs of making another large-scale Ethereum (ETH) purchase. According to blockchain analysis firm Lookonchain, SharpLink recently transferred $145 million worth of USDC to Galaxy Digital's OTC wallet. This is interpreted as a preliminary step for a new Ethereum acquisition and is drawing market attention.
Along with this large-scale transaction, SharpLink has also undergone organizational restructuring. They recently brought in Joseph Chalom, a cryptocurrency strategist from BlackRock, as co-CEO. During his time at BlackRock, he successfully launched the Ethereum ETF 'iShares Ethereum Trust (ETHA)' and grew it to a $10 billion scale, and is recognized for leading partnerships with Coinbase, Nasdaq, and Circle.
With Chalom's joining, SharpLink's Ethereum holdings have reached 360,807 ETH, approximately $1.33 billion, with 95% being staked. This is considered among the top figures in corporate Ethereum reserves. However, recently BitMine Immersion purchased 566,776 ETH, taking the top spot in corporate holdings.
Currently, 63 institutions worldwide hold strategic ETH treasury, with a total holding of approximately 2.31 million ETH, representing 1.92% of total Ethereum supply. In the past few months, the value of these treasuries has surged from $23 million to $8.65 billion. In this trend, SharpLink and BitMine are aligning with cryptocurrency industry giants like Tom Lee and Joseph Lubin.
The ETF market is also in motion. BlackRock's ETHA added 120,000 ETH (worth about $597.7 million) last Friday alone, bringing its total holdings close to 3 million ETH. The spot Ethereum ETF has successfully attracted funds for 16 consecutive trading days, showing stronger performance than Bitcoin ETF.
External wallets are also adding to ETH demand. In just one day, new wallets purchased 42,788 ETH (about $220.7 million), and overall, 8 new wallets have acquired 583,248 ETH (about $2.32 trillion) since July 9. According to on-chain analyst Ali Martinez, in the past two weeks, whale wallets have secured 1.13 million ETH (about $5.81 trillion), and 170 'new whale investors' holding at least 10,000 ETH have emerged.
Due to this strong buying pressure and institutional capital inflow, Ethereum has maintained a solid upward trend, rising 24% in the past week and 56% in the past month. This trend since June is analyzed as indicating a structural rise, not just short-term 'pumping'. Experts believe that if ETH establishes a support level in the $3,800-4,000 range, the price could move towards $5,000.
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