Ethereum Treasury Firm SharpLink Buys $62M in ETH Over Three Days

Ethereum News

Ethereum (ETH) treasury company SharpLink resumed accumulating the asset after an eight-month pause, buying roughly $62.4 million worth of ETH across three days. On-chain data and the firm's own tracked addresses show SharpLink acquired 5,000 ETH on June 25, another 5,000 ETH on June 26, and 29,196 ETH on June 27, lifting the three-day total to 39,196 ETH. The renewed buying landed while Ethereum sat near multi-month lows, signaling the corporate buyer is willing to add exposure into weakness. As the leading altcoin, ETH remains a core treasury target despite the broader drawdown across the sector.

The accumulation deepens SharpLink's already sizable position. Company disclosures show it held 876,285 ETH as of June 21, ranking it as the second-largest publicly traded Ethereum holder behind Bitmine Immersion Technologies, the vehicle chaired by Tom Lee. The eight-month gap between purchases makes the timing notable: SharpLink re-entered after a stretch of inactivity rather than dollar-cost-averaging through the decline. Treasury firms that bank large reserves of a single token effectively concentrate balance-sheet risk on that asset's price path, and SharpLink's decision to buy now suggests management views current levels as an accumulation zone rather than a falling knife to avoid entirely.

Long-dormant holders, by contrast, are heading the other way. On-chain data shows four wallets that received 37,602 ETH about eight years ago at roughly $830 finally moved coins after sitting through both the 2021 and 2025 cycles. The clusters transferred 33,623 ETH, worth around $52.5 million, at an average price near $1,560. These so-called OG addresses passed up exits when unrealized gains topped $150 million, yet capitulated well below prior peaks. The sale sharpens the supply-side concern: aged coins re-entering circulation must be absorbed by fresh spot demand before ETH can mount a durable recovery from current levels.

The price erosion has also dented Ethereum's standing among global assets. ETH slipped out of the top 100 worldwide asset ranking by market value, a list that spans equities and precious metals alongside cryptocurrencies. The token still holds the number-two position within crypto by market capitalization, but its footprint against traditional assets has visibly narrowed. The demotion underscores how far sentiment has shifted during this bear market, with ETH trading far beneath its all-time high and ceding ground to assets that have held value more effectively through the downturn.

Prediction markets are pricing meaningful downside risk into the second half of the year. On Polymarket, a contract on whether Ethereum dips to $1,000 by December 31 implied roughly a 25% probability, while related markets put the odds of touching $1,250 at about 56%, $1,000 at 25%, and $800 near 15%. These figures reflect the aggregated positioning of market participants rather than guaranteed outcomes, and they can swing quickly. Still, the spread shows traders assigning real weight to a deeper leg lower, framing the months ahead as a contest between renewed spot demand and continued distribution from older holders.

The backdrop for all of this is a brutal year-to-date performance, with ETH down roughly 50% since January and changing hands near $1,570 at the time of writing. The narrative has shifted from whale behavior toward supply absorption: the question is no longer who is selling but whether buyers can soak up the coins coming to market. The $1,500 area has begun to function as more than a price level, increasingly treated as a line of conviction. SharpLink's buying provides one source of structural demand, but isolated corporate accumulation may not be enough to offset broader outflows without a wider return of risk appetite.

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $1,613.87 resistance at 76/100 (STRONG), driven by the confluence of the R2 pivot, Fibonacci 0.114 and a high-volume node, with a MACD cross adding weight. The first defense sits at $1,503.94, scored 74/100 on ATR Lower, Donchian Lower and a recent swing low. RSI at 32.83 borders oversold while MACD stays bearish in a confirmed downtrend. Derivatives show open interest near $5.92 billion and a long/short account ratio of 3.13 (75.8% long), a crowded long book vulnerable to a squeeze, even as funding holds barely positive at 0.0026%. With Fear & Greed at 12 (Extreme Fear), reclaiming $1,614 flips the bias bullish; losing $1,504 invalidates the floor and opens $1,244.