Institutional ETH Frenzy: 10 Firms Gobble $1.6B in Ethereum—Bullish or Bubble?
Wall Street meets crypto again—this time with a $1.6 billion ETH shopping spree. Ten institutional players just stacked 550,000 Ethereum in 30 days, betting big on smart contracts while traditional finance still argues about 'blockchain, not Bitcoin.'
Who needs ETFs when you can buy the actual asset? These firms bypassed paper proxies to grab physical ETH—proving once again that money talks louder than regulatory waffle. The move screams confidence in Ethereum's infrastructure, even as gas fees still annoy retail traders.
Meanwhile, goldbugs and bank execs clutch their pearls. 'Volatility!' they cry, ignoring their own 2008-shaped skeletons. The market's response? A slow clap for institutions finally catching up to DeFi degens.
Sharplink is now the biggest ETH holder after accumulation spree
Interestingly, the Milk Road founder highlighted Sharplink Gaming as one of the biggest buyers of ETH, noting that the company has bought 75,000 ETH in the past five days alone. Sharplink’s most recent purchases only continue a trend that has seen it become the biggest ETH holder.
The company, which became an ETH treasury company in early June, has already spent over $700 million on buying Ether in less than two months. Its latest purchase was 24,371 ETH bought from Coinbase Prime less than 24 hours ago for $73 million.
With its accumulation, Sharplink ETH holdings are now above 290,000 ETH, more than enough to flip the ethereum Foundation as the biggest Ether holder. The Foundation holds around 242,000 ETH and recently sold 10,000 ETH to Sharplink.
Meanwhile, Sharplink is not the only company on an ETH accumulation spree. Bitmine Immersion has also been buying, with the company holding over 163,000 in ETH, while former Bitcoin miner BitDigital has more than 100,000 ETH after converting its Bitcoin to ETH.
Interestingly, there appears to be a healthy competition between the top ETH treasury companies, with executives of those companies praising the accumulation rate of one another.
Sharplink chairman Joe Lubin described the group as “The League of Extraordinary ETH Accumulator Gentlemen” and praised Tom Lee of Bitmine, San Tabar of Bit Digital, and Charles Allen of BTCS. He added that competition and coordination between the companies will strengthen and improve them.
ETH slips 2% to fall below $3k again
Meanwhile, the massive accumulation rate of ETH, coupled with a market-wide rally, is impacting Ether performance, with the token going above $3,000 twice in the past few days.
Although it has fallen below $3,000 on both occasions, with a recent 2% drop that saw it trade $2,972, there are positive signs that it WOULD soon recover and find its support above that price level.
Over the past seven days, ETH has climbed up more than 16% and the turnaround is more evident in the long term, with a 90% gain in the past 3 months. However, it is still trading 11% below its price at the start of the year.
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