SharpLink Gaming Tops 285,894 ETH, Stakes 99.7% as ETH Holds $3K
SharpLink Gaming has continued its aggressive ETH accumulation, purchasing 74,656 ETH (≈$213 M) between July 7–13 at an average price of $2,852 and an additional 10,000 ETH directly from the Ethereum Foundation. In its latest move, the Nasdaq-listed firm added 5,188 ETH, bringing its total holdings to 285,894 ETH—the largest institutional Ethereum reserve. Since adopting ETH as its primary reserve asset, SharpLink has staked 99.7% of its ETH holdings, earning about 415 ETH in staking rewards, including 94 ETH last week. This ETH accumulation coincides with Ethereum maintaining the $3,000 support level even as Bitcoin dipped below $116,000 amid whale selling. Technical indicators—such as a “triple RSI bounce” and an intact macro upward channel—alongside continued institutional ETH accumulation underpin forecasts of a potential breakout toward $5,000. Traders should watch for short-term rallies above $3,000 and a sustained bullish trend driven by reduced circulating supply and strengthened network security.
Bullish
SharpLink’s ongoing ETH accumulation and 99.7% staking rate reduce circulating supply and bolster network security, reinforcing a bullish outlook for ETH. The firm’s latest purchase lift its holdings to a record 285,894 ETH, and technical indicators—triple RSI bounce and intact upward channel—support forecasts of a breakout toward $5,000. In the short term, Ethereum’s firm $3,000 support amid Bitcoin weakness points to potential rallies above $3,000. Long-term, continued institutional ETH accumulation underpins sustained upward pressure on price.