SharpLink Gaming Buys $17.45M ETH as Price Pulls Back Into Weekend

Key Insights:

• Ethereum price rose 19.7% this week but dipped 1.26% on Friday.
• SharpLink Gaming acquired 4,904 ETH worth $17.45 million from Coinbase Prime.
• Ethereum ETFs saw $697M in net inflows, led by BlackRock’s 158K ETH purchase.

Ethereum closed the week with a sharp 19.7% gain, pushing its price to a high of $3,671.63. However, the momentum eased on Friday, as ETH slid 1.26% to around $3,565. This minor decline comes after a strong upward move, likely driven by profit-taking ahead of the weekend.

Despite the short-term pullback, Ethereum remains in an uptrend both technically and fundamentally. CoinMarketCap data shows consistent strength over the past week, with a low of $2,985 and a sustained move above $3,500. 

Supporting this view, SharpLink Gaming made a significant ETH purchase during the dip. The firm acquired 4,904 ETH valued at $17.45 million from Coinbase Prime, as reported by Arkham. This suggests continued institutional confidence in Ethereum’s upside despite near-term price softness.

ETF Flows, On-Chain Data Signal Long-Term Strength

Institutional appetite extends beyond direct buys, as Ethereum ETFs saw massive inflows this week. According to Lookonchain’s July 18 data, net inflows totaled 193,551 ETH or $697.17 million. BlackRock led with 158,875 ETH added to its iShares Ethereum Trust.

Meanwhile, Fidelity, Bitwise, and Grayscale also recorded healthy inflows, pushing total ETF holdings past 5 million ETH. The ETF activity aligns with Q2 and Q3 seasonal strength, where Ethereum historically outpaces Bitcoin, according to Coinglass data. In Q3 alone, ETH posted average returns of +44.76%, outperforming Bitcoin’s +12.06%.

Additionally, Ethereum remains the dominant chain on Aave with $48.9 billion in total value locked, per CryptoRank. It ranks far ahead of Arbitrum, Avalanche, and Base, reinforcing its central position in DeFi. While HTX outflows to Binance are notable, they’ve not slowed the bullish institutional trend.

Ethereum continues to attract large-scale investment, both on-chain and through ETFs. As the price consolidates below resistance, strategic accumulation like SharpLink’s indicates long-term conviction. 

With positive flows and resilient fundamentals, Ethereum’s weekend pullback could set the stage for its next move higher.