- Ethereum jumped past $3K as whales and institutions bought over $350M in ETH, signaling strong long-term investor confidence.
- SharpLink Gaming now holds over 205K ETH and plans to stake its reserves, aligning with Ethereum’s decentralization and growth goals.
- Ethereum developers revealed zkEVM integration plans to speed up transactions and boost security, adding to its bullish market momentum.
Ethereum has surged past $3,000 for the first time in five months, gaining over 7.4% in the past 24 hours. This spike follows buying from major crypto whales and institutions. According to Lookonchain data, seven major players acquired 127,971 ETH worth $358 million.
The Ethereum Foundation sold 10,000 ETH to SharpLink Gaming for $25.7 million. These actions show a renewed belief in Ethereum’s potential as a blockchain technology and financial asset.
Whale Activity Fuels Market Momentum
Wallet 0x35fb withdrew 54,125 ETH worth $151 million from Kraken. Meanwhile, Abraxas Capital moved 40,986 ETH from both Kraken and Binance. Additionally, SharpLink Gaming acquired 5,072 ETH via OTC deals, pushing its total holdings to 205,634 ETH, now valued at $575 million.
Moreover, pfm.eth spent $8 million to buy 2,900 ETH at $2,759. Another whale, 0x8C08, bought 9,188 ETH at $2,721 using $25 million USDT. These large buys came as Ethereum showed a strong breakout, indicating long-term accumulation rather than short-term speculation.
Institutional Vision Drives Utility
SharpLink Chairman Joseph Lubin, who also co-founded Ethereum, emphasized their support for Ethereum’s decentralization goals. The company plans to stake and restake its ETH holdings, integrating them into its Web3 strategy. SharpLink aims to revolutionize iGaming by leveraging DeFi, smart contracts, and Ethereum’s infrastructure.
Besides market activity, Ethereum’s core development is entering a new phase. The Ethereum Foundation recently detailed a major upgrade involving zkEVM integration. This upgrade will allow validators to confirm transactions using zero-knowledge proofs rather than replaying blocks. Hence, the system will boost scalability without compromising security.
