According to ChainCatcher, on-chain analyst Yu Jin has monitored that 10 hours ago, a new wallet withdrew 52,809 ETH (approximately $220 million) from Coinbase Prime and subsequently distributed it to 8 addresses for staking, including known addresses of SharpLink. Considering that the company just completed a $200 million equity financing last Friday, the market speculates that its funds have all been used to purchase ETH over the weekend, raising its ETH holdings to approximately 621,000, worth about $2.65 billion, with an average price of about $3,226.
Another Nasdaq-listed company, BNB Network Company (BNC), announced the purchase of 200,000 BNB (approximately $160 million), becoming the world's largest institutional holder of BNB. The company previously completed a $500 million private placement and listed BNB as a core reserve asset. Management has also completed a restructuring, bringing in executives like David Namdar, co-founder of Galaxy Digital.
On the macro front, expectations for a Federal Reserve interest rate cut have boosted arbitrage trading, causing the dollar to weaken; Ethereum's market cap has surpassed $500 billion, reaching the investment threshold for public funds in some U.S. states. The total value locked (TVL) in multi-chain DeFi has increased by about $35 billion this year to $150 billion.
4E reminds investors: Large institutions increasing their allocation to crypto assets may boost market sentiment, but price volatility and policy variables still exist. It is recommended to allocate rationally and manage risks well.
