Key Notes
- SharpLink added 11,259 ETH to its treasury, now holding $1.74 billion worth of Ethereum.
- The firmโs average ETH buy price is $3,011, sitting on $386M in unrealized profit.
- Glassnode data suggests ETH still has significant upside, with $4,900 as a potential target.
Ethereum
ETH
$3 859
24h volatility:
1.5%
Market cap:
$465.79 B
Vol. 24h:
$32.76 B
surged past $3,850 this week as SharpLink Gaming, the Minneapolis-based firm increasingly mirroring Strategyโs Bitcoin playbook, has added another 11,259 ETH to its treasury.
SharpLink now holds a monumental 449,000 ETH, now worth approximately $1.74 billion. So far, the largest corporate holder of the worldโs second-largest digital asset is Tom Leeโs BitMine, aiming to buy 5% of all Ether tokens available.
SharpLink Gaming again bought $43,090,000 $ETH.
They now hold $1,730,000,000 Ethereum. ๐ฅ pic.twitter.com/NKvVIzi7C3
โ Ted (@TedPillows) July 31, 2025
SharpLinkโs MicroStrategy Moment
According to blockchain analyst EmberCN, SharpLink sent $43.09 million in USDC to Galaxy Digital, receiving 11,259 ETH in return at an average price of $3,827. This follows their massive $290 million acquisition of 77,000 ETH over the weekend.
ๅจไธๅจๆซ $2.9 ไบฟไนฐๅ ฅ 7.7 ไธๆ ETH ๅ๏ผ@SharpLinkGaming ไปๅคฉ็ปง็ปญ่ฑ่ดน $4309 ไธ่ดญไนฐไบ 11,259 ๆ ETHใ
ไปไปฌๅจ 10 ๅฐๆถๅๆ 4309 ไธ USDC ่ฝฌๅฐ Galaxy Digital๏ผ็ถๅๅจ 15 ๅ้ๅไป Galaxy Digital ๆถๅฐ 11,259 ๆ ETH๏ผไนๅฐฑๆฏ่ฏด่ดญๅ ฅไปทๆ ผ็บฆ $3,827ใhttps://t.co/nbl4vA38Jb
SharpLink Gaming ไปโฆ https://t.co/9rEJsRpz25 pic.twitter.com/4tunjTMMEV
โ ไฝ็ฌ (@EmberCN) July 31, 2025
Since early June, SharpLink has adopted an ETH accumulation strategy, aggressively acquiring and staking the asset for yield. With an average cost basis of $3,011, the firm now sits on an unrealized profit of approximately $386 million.
In a massive push towards crypto, SharpLink appointed Joseph Chalom, a former BlackRock executive, as co-CEO.
On-Chain Sentiment: Plenty of Room to Run
Glassnodeโs latest Relative Unrealized Profit chart shows that, despite ETH trading close to its March 2024 highs, current unrealized profits are significantly lower.
Despite $ETH trading near its March 2024 highs, unrealized profits are far lower. Back then, #ETH hit +2ฯ (standard deviations) on Relative Unrealized Profit at $3.98K โ today itโs just nearing +1ฯ. A move to +2ฯ now would imply ~$4.9K $ETH. pic.twitter.com/TdmCIzp3Pm
โ glassnode (@glassnode) July 31, 2025
Back in March, ETH touched +2ฯ (standard deviations) at $3.98K. Today, itโs just crossing the +1ฯ threshold with prices near $3,860. Statistically, a move to +2ฯ from this point would suggest a potential target of $4,900.
The on-chain analytics firmโs study revealed that the current rally still has plenty of steam. Unlike previous market tops, on-chain profit-taking remains muted, implying that holders are in HODL mode.
ETH Price Analysis: Clear Path to $4,200
On the daily chart, Ethereum has broken decisively above its upper Bollinger Band ($3,562) and continues to ride the wave with strong bullish momentum, making ETH a top crypto to buy.
The RSI sits at 77.16, entering overbought territory, but without divergence, suggesting strength rather than exhaustion. The MACD remains bullish, with a wide gap between the signal and MACD line, and the Balance of Power indicator reads firmly in the buyersโ favor.
ETH Price Chart with Fib Levels | Source: TradingView
Fibonacci extension levels drawn from the mid-May breakout put immediate resistance at $3,920 (Fib 3.618) and $4,182 (Fib 4.236).
These targets align with the MVRV Pricing Bands mentioned by analyst Ali Martinez, who believes that as long as $3,300 holds as support, ETH could rally toward $4,220 and even $5,140 in the coming weeks.
As long as the $3,300 support holds, Ethereum $ETH could be on track for a move to $4,220 and potentially $5,140, based on the MVRV Pricing Bands. pic.twitter.com/WTJsSZF7PB
โ Ali (@ali_charts) July 30, 2025
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
