SharpLink stakes big on Ethereum: Are institutions moving away from BTC?

Key Takeaway

SharpLink Gaming has ramped up to over 438,000 ETH, signaling deep institutional interest and long-term conviction. Analysts warn of a possible short-term dip before the next breakout.

While the spotlight remains firmly on Bitcoin [BTC] amid growing institutional accumulation, a quiet but significant shift is unfolding in the Ethereum [ETH] space.

SharpLink’s Ethereum bet

SharpLink Gaming, a prominent player in gaming and data analytics, has deepened its Ethereum commitment by purchasing an additional 77,210 ETH over the weekend, worth approximately $295 million, per Arkham.

Blockchain analytics platform Lookonchain also confirmed the purchase, which has pushed SharpLink’s total Ethereum holdings to 438,017 ETH, now worth approximately $1.69 billion.

Source: Lookonchain/X

A large portion of this stash is staked via platforms such as Figment and Hoppers DApp, signaling a long-term approach rather than speculative accumulation.

In fact, SharpLink itself emphasized Ethereum’s 24/7 availability compared to traditional banking hours, pointing to the agility and scalability that make ETH an attractive reserve asset for modern firms.

They further added,

Source: SharpLink/X

Analysts are confident about ETH

Echoing the growing confidence in Ethereum, crypto analyst Crypt Rover posted on X that such large-scale accumulation is a strong signal of deepening institutional inflows.

He even predicted that ETH could be on track to hit $10,000, as demand surges and long-term holdings tighten supply.

This shows that with Ethereum co-founder Joseph Lubin serving as chairman and former BlackRock strategist Joseph Chalom as co-CEO, SharpLink is positioning itself at the intersection of traditional finance and Web3.

If it fulfills its acquisition goal, the company would hold over 1 million ETH, or approximately 1% of the total supply. 

According to ETH Strategic Reserve data, SharpLink is now the second-largest holder of ETH, trailing only Bitmine Immersion Tech, which holds 566,000 ETH.

ETH price action and community reaction

This coincided with ETH trading at $3,871.72, up 1.12% in the last 24 hours, according to CoinMarketCap.

Technical indicators like the RSI also support a bullish case for Ethereum, showing that buyers currently have the upper hand.

Source: Trading View

The community also seems to have appreciated this move by SharpLink, as noted by one X user, who said, 

“$ETH will Moon!”

Echoing similar sentiments, another page — WISE, added, 

“Oufff so bullish”

Thus, with both sentiment and fundamentals lining up, Ethereum’s current trajectory could be signaling a larger trend in crypto capital allocation.

However, Alphractal’s Liquidation Heatmap indicates a cluster of open long positions, hinting that a short-term dip may precede Ethereum’s next breakout as reported by AMBCrypto.