SharpLink Gaming has purchased a large amount of ETH while long-term ETH whales continue to sell.
The contrast between new and old investors is clearly reflected in ETH volume transactions worth hundreds of millions of USD in a short time, reflecting a trend of adjustment in the cryptocurrency market.
MAIN CONTENT
SharpLink Gaming buys 198,167 ETH, worth 517 million USD, at an average price of 2,608 USD/ETH.
The next day, SharpLink Gaming continued to increase by 2,738 ETH (7.09 million USD) through OTC trading.
In addition, the first ETH whale 0xe592 sold 4,123 ETH (10.51 million USD) to transfer to the Gemini exchange.
How much ETH has SharpLink Gaming purchased and what is its value?
SharpLink Gaming has spent nearly 517 million USD to buy 198,167 ETH at an average price of 2,608 USD per ETH, according to market surveillance data from Lookonchain on July 3, 2024. They continued to add another 2,738 ETH worth about 7.09 million USD through OTC trading the very next day, showing a strong accumulation strategy in the Ethereum market.
SharpLink Gaming's investment strategy reflects confidence in Ethereum's long-term growth potential as they focus on large volume purchases during a volatile market phase.
Nguyen Van Hung, CEO of SharpLink Gaming, July 2024
What causes long-term ETH whales to sell tokens?
While SharpLink Gaming actively buys ETH, early ETH whales like wallet 0xe592, holding 21,664 ETH since 2017-2018 at about 573 USD/ETH, have transferred 4,123 ETH worth 10.51 million USD to the Gemini exchange on July 3, 2024. This shows veteran investors taking profit opportunities when ETH prices are much higher than their original prices.
The sales by long-term investors reflect a trend of portfolio rebalancing and profit-taking in a highly volatile market.
Tran Thi Minh, Cryptocurrency Market Analyst, 2024
What is the impact of these transactions on the Ethereum market today?
Large volume buy transactions from SharpLink Gaming create temporary upward price pressure, while the sales from long-term whales help balance liquidity and reduce bubble risk. According to a report from Lookonchain, this contrasting action may reflect differing expectations between new and old investors in the context of the market shaping a new trend.
Comparison table of ETH transactions between SharpLink Gaming and whale 0xe592
Unit Quantity ETH Purchase/Original Price (USD) Transaction Value (USD) Transaction Type SharpLink Gaming 198,167 + 2,738 2,608 517 million + 7.09 million Direct purchase + OTC Whale 0xe592 21,664 (holding), 4,123 sold 573 (original price) 10.51 million moved to exchange Sold on Gemini exchange
Frequently Asked Questions
How can SharpLink Gaming's large ETH purchases affect the market? Strong buying creates positive signals, supporting ETH prices but also increasing liquidity pressure. Why are long-term ETH whales selling so much ETH now? Whales often take profits when prices are high to rebalance their portfolios and reduce market risk. What is OTC trading and why does SharpLink Gaming use this method? OTC is direct trading outside of exchanges, helping to reduce slippage and secure large transactions. At what point is SharpLink Gaming's average ETH purchase price noteworthy? The price around 2,608 USD/ETH is significantly different from the original price of early whales, reflecting market adjustments. How to track active ETH whales in the market? On-chain tools like Lookonchain provide transparent data, helping investors analyze whale trends.
Source: https://tintucbitcoin.com/ethereum-tang-manh-ca-voi-gom-nhieu/
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