SharpLink Gaming moves its ETH holdings as ETH buy and sell tug of war ends.
The price of Etehreum is still trading below $2,500.
Analysts believe this a prime a opportunity to accumulate before the price pumps.
The price of Bitcoin continues to trade below the $108,000 price target, just as the price of Ethereum continues to trade just below the $2,500 price target. ETH holders grow frustrated as BTC pumps harder than ETH, leading to an ETH buy and sell tug of war between ETH bulls and bears. Amid this price movement, SharpLink Gaming moves its ETH holdings to Coinbase Prime trading platform.
SharpLink Gaming Moves Its ETH Holdings
Since the last bull cycle, many financial institutions like Strategy have been accumulating Bitcoin (BTC), and this accumulation hasn’t slowed down this year. In fact, other large players like BlackRock have also entered the BTC accumulation race. This bull cycle, however, the only change is that many financial institutions have begun to dedicatedly accumulate the pioneer altcoin asset Ethereum (ETH).
So far, several financial institutions, companies, and firms have begun to heavily accumulate ETH, with BlackRock leading the charge and keeping pace with ETH whales. Yesterday, Bit Digital announced its strategic pivot by becoming a pure-play Ethereum staking and treasury; they will soon swap all their BTC holdings to ETH and will stop all Bitcoin mining operations to meet this new vision.
Bullish Signs for ETH Price
Similarly, SharpLink Gaming has been steadily accumulating ETH as well. In particular, the entity became the largest public ETH holder with a $463 million purchase and went on to stake over 95% of the stockpile. Most recently, SharpLink Gaming boosted its Ethereum Treasury with a $30 million ETH purchase and a full staking deployment. At the moment, the firm is the most active corporate ETH holder.
https://twitter.com/lookonchain/status/1938263366189126148
As we can see from the post above, SharpLink Gaming is making its next move. In detail, SharpLink Gaming, who bought 188,478 ETH worth $473.6 million at an average price of $2,513, deposited 2,993 ETHworth $7.28 million into Coinbase Prime earlier today. It is highly unlikely that the entity could sell as the price of ETH is below $2,500 and a sell now would mean a loss trade. The crypto community sees this as a bullish signal indicating that the price of ETH could pump soon instead.
https://twitter.com/lookonchain/status/1938181668688494877
Another bullish sign signaling a bullish price spike ahead for ETH is the data depicted in the post above. According to the post, 4 days ago, most ETH holders were panic selling ETH, and now, the same panic sellers are buying ETH at a much higher price. Th eprice of ETH is expected to hit new ATH between $8,000 and $12,000 according to several reputed crypto analysts, the question is when will ETH begun its parabolic rise?
