SharpLink, a key player in the crypto market, is preparing to significantly bolster its Ethereum holdings. Lookonchain data reveals that SharpLink has shifted $145 million USDC to Galaxy Digital’s OTC wallet. This substantial move indicates another large-scale Ethereum purchase is imminent.
Alongside this financial maneuver, SharpLink has made a consequential executive decision. Joseph Chalom, well-known in crypto circles as the former digital assets strategist at BlackRock, has been named as Co-CEO at SharpLink. Armed with his extensive crypto market knowledge, Chalom will oversee the firm’s $1.3 billion Ethereum treasury strategy.
Chalom has a successful track record in the crypto industry. He played a pivotal role in launching the iShares Ethereum Trust (ETHA), currently the largest ETH exchange-traded product globally with over $10 billion in assets. During his time at BlackRock, he spearheaded major digital asset collaborations with industry giants like Coinbase, Nasdaq, and Circle. He also held senior positions including interim Deputy COO and COO of BlackRock Solutions.
SharpLink’s Ethereum holdings currently stand at 360,807 ETH, valued at $1.33 billion, and 95% of this is staked or deployed via liquid staking. However, BitMine Immersion recently outshone SharpLink by announcing a colossal Ethereum purchase of 566,776 ETH, valued at over $2 billion. This move propelled BitMine to the top of corporate ETH holders.
Currently, strategic reserves held by 63 participants consist of 2.31 million ETH, valued at $8.65 billion, representing 1.92% of Ethereum’s total supply. Ethereum treasuries have seen a meteoric rise from $23 million to $8.6 billion in only a few months, with BitMine and SharpLink at the forefront, supported by crypto luminaries Tom Lee and Joseph Lubin.
Ethereum ETF inflows have been performing well. BlackRock’s Ethereum ETF (ETHA) is experiencing a boom, adding 120K ETH, worth $430 million in a single day, pushing its total holdings to nearly 3 million ETH. Spot ETH ETFs have witnessed 16 consecutive days of inflows, outperforming Bitcoin ETFs substantially.
Since July 9, eight new wallets have accumulated an impressive 583,248 ETH, valued at $2.17 billion. Analyst Ali Martinez observes that whales have been acquiring Ethereum aggressively over the past two weeks, snapping up 1.13 million ETH, valued at a whopping $4.18 billion.
Despite the decrease in Ethereum whale-held supply, prices continue to rise. This trend, in contrast to the February pump, suggests healthier, sustainable growth. Ethereum has seen a 24% increase this week and a 56% increase this month. Analysts predict that if Ethereum flips the $3,800–$4,000 zone into support, the $5,000 mark is within reach.
