SharpLink Bets Big on Ethereum: Are Institutions Moving Away from BTC?

Despite the market's focus still being on institutional accumulation of Bitcoin, a significant shift is quietly occurring in the Ethereum (ETH) space. Gaming and data analytics company SharpLink Gaming purchased 77,210 ETH over the weekend, worth approximately $295 million, bringing its total holdings to 438,017 ETH, valued at nearly $16.9 billion at current prices. The company has clearly stated that it will treat Ethereum as a long-term reserve asset and will stake a large amount of ETH, sparking high market attention on the price direction of ETH and institutional trends.

SharpLink purchases another 77,000 ETH, total holdings approaching 440,000 coins According to blockchain analysis platforms Arkham and Lookonchain, SharpLink Gaming purchased 77,210 ETH over the weekend, worth approximately $295 million. This increase brings its total Ethereum holdings to 438,017 ETH, valued at over $16.9 billion, making it the second largest Ethereum holding institution after Bitmine Immersion Tech.

High staking ratio, demonstrating long-term strategic layout It is worth noting that SharpLink stakes most of its ETH holdings through platforms such as Figment and Hoppers DApp. This practice indicates that its investment is not a short-term speculative behavior, but rather a firm confidence in the long-term development of the Ethereum network. In addition, the company emphasizes that the 24/7 availability of Ethereum contrasts sharply with traditional banking hours, and this agility and scalability make it an ideal reserve asset for modern enterprises.

Ethereum institutional confidence strengthens, target price hits $10,000 Cryptocurrency analyst Crypt Rover stated on platform X that such large-scale institutional purchases of ETH send a clear market signal—institutions are continuously entering the market. He predicts that against the backdrop of increasing demand and long-term holdings tightening supply, ETH is expected to challenge the $10,000 mark.

The management of SharpLink also has a strong background: the company chairman is Joseph Lubin, co-founder of Ethereum, and the co-CEO is Joseph Chalom, a former strategist at BlackRock, which positions it at the forefront of the integration of traditional finance and Web3.

According to ETH strategic reserve data, if SharpLink achieves its acquisition target, it will hold over 1 million ETH, accounting for 1% of the total ETH supply.

ETH price shows strong performance, technical indicators support bullish trend As of the time of writing, the price of Ethereum is $3,871.72, up 1.12% in the past 24 hours. Technical indicators such as RSI show that buying pressure is dominant, and the overall market sentiment is bullish. Community users have also expressed appreciation for SharpLink's actions, with several users on the X platform posting comments like "$ETH will Moon!", "Oufff so bullish" reflecting bullish sentiment.

Short-term volatility risks remain, bulls need to respond with caution Despite the positive resonance between fundamentals and market sentiment, the liquidation heat map from Alphractal shows that there are currently a large number of unclosed long positions in ETH, which means that a short-term correction or volatility may occur before the next breakout.

Conclusion: SharpLink continues to increase its holdings in Ethereum, reflecting the acceleration of traditional finance embracing Web3, while also providing long-term value support for ETH. With the rising staking ratio, increasing ETF expectations, and heightened institutional focus, Ethereum may usher in a new capital reassessment cycle.