Cumberland's withdrawal of 23,100 Ethereum ($59 million) from Binance on July 9 indicates accumulation for over-the-counter deals or staking (Cumberland). At the same time, SharpLink Gaming and BitDigital converted $463 million into Ethereum this week, consuming 82% of post-merge issuances - marking the largest institutional purchase of Ethereum in history (SharpLink). These steps reduce the supply of cryptocurrencies while indicating institutional conviction in Ethereum's deflationary mechanisms post-merge. 2. Technical Context
Ethereum (ETH) has broken through its 50-day moving average ($2,516) and 50% Fibonacci retracement ($2,497), with:
- MACD indicator charting at +16.64 (the strongest bullish divergence since June)
- 7-day Relative Strength Index (RSI) at 64.16 (room before overbought)
- Trading volume increasing to $19 billion (+12.94% compared to 24 hours earlier) confirming the breakout.
The $2,700 level now represents immediate resistance, with $2,877 (June's high) as the next target if momentum continues.