[SBET Becomes 'The Largest Holder of ETH', Is It a Bullish Feast or the Eve of a Correction?]

SharpLink Gaming (SBET) has continuously increased its holdings, surpassing the Ethereum Foundation with a position of 280,706 ETH to become the largest institutional holder of ETH. Last week, the company raised approximately $413 million through the ATM mechanism, of which more than half was used to purchase coins and participate in staking, while the remaining funds are still to be deployed. In just one week, the stock price has surged over 60%, and its market value has expanded, earning it the label of 'Ethereum version of MSTR'.

The sentiment in the options market is even more heated: yesterday's trading volume reached 170,000 contracts, which is 2.8 times the 30-day average; the 30-day implied volatility soared to 175%, placing it in the historical 95th percentile; the Put/Call trading volume ratio is only 0.31, indicating that funds are flooding into the bullish side. The deep in-the-money Calls expiring this Friday (July 18) at $25–30 account for more than 40% of the total, while the Max Pain is at $17.5. If the stock price or ETH experiences a correction, the bulls may face Gamma pressure. #ETH