SharpLink Gaming has purchased approximately half a billion dollars worth of Ethereum (ETH) since the beginning of July, while large-scale ETH outflows from the Kraken exchange to newly opened wallets have occurred.
In recent weeks, institutional investors' purchases of Ethereum (ETH) have gained momentum, with SharpLink Gaming making a particularly noteworthy move. According to data shared by blockchain analysis firm Lookonchain, SharpLink Gaming most recently bought an additional 4,904 ETH worth $17.45 million just 5 hours ago. Thus, since July 1, the company has accumulated a total of 157,140 ETH worth $493 million at an average price of $3,136.
While the intense interest from institutional giants in Ethereum continues, interesting ETH outflows have been observed from the popular cryptocurrency exchange Kraken. According to information relayed by Lookonchain, two new wallets created only 6 hours ago withdrew a total of 22,434 ETH worth $79.5 million from Kraken. This situation indicates that the activity among major investors around Ethereum is continuing to increase.
The increase in ETH purchases by large firms like SharpLink and the large-scale withdrawals from exchanges are raising expectations for the Ethereum price. With the recent developments, Ethereum is perceived as a safe haven among investors, and institutional demand is believed to have the potential to drive the price even higher. The movements that will occur in the coming days will be of critical importance for the direction of the market.