Recent data shows that large institutional purchases of Ethereum are driving its price up. SharpLink, a significant buyer, has accumulated over 215,000 ETH, reflecting renewed investor interest.
Analysis of SharpLink's Accumulation
SharpLink has accumulated over 215,634 ETH, primarily through a series of large purchases that began in June. Notably, on June 9, the firm acquired over 176,000 ETH at around $2,800, marking the largest single purchase during the period analyzed.
Subsequent transactions included 12,376 ETH on July 3, 5,444 ETH on July 5, and 3,210 ETH on July 7, indicating ongoing confidence in the asset during consolidation phases.
Ethereum Market Shows Growth
On July 11, Ethereum’s price reached $2,969.86, marking a 5.87% daily increase. Trading volume was $43.98 billion in the past 24 hours, up 47.39%, indicating heightened demand and increased activity across exchanges.
The price behavior of Ethereum since late June has shown signs of consistent upward pressure. A sharp rally began on the night of July 10, nearing the $3,000 resistance level, marking the first instance since early 2024.
Overall Trends in the Crypto Market
According to CryptoQuant data, the accumulation trend by SharpLink and other buyers has been observed alongside Ethereum emerging from consolidation. Analysts point out that SharpLink's accumulation strategy may influence the stability and potential growth of ETH’s price. Currently, ETH's market cap stands at $358.5 billion.
SharpLink's accumulation serves as an indicator of increasing interest in Ethereum, suggesting the potential for sustainable market growth overall.
