Ethereum (ETH) overcomes $3,400: what are investors doing

Ethereum (ETH) has surpassed $3,400 for the first time in six months, demonstrating a confident rally

Some investors have decided to lock in profits, but others continue to actively accumulate ETH.

SharpLink Gaming and World Liberty Financial Increase Ethereum Reserves

Yesterday, the price of ETH reached $3,424 before dipping slightly. In the last 24 hours, ETH has appreciated by 6.87% and at the time of writing, it was trading at $3,324.

The price dynamics of Ethereum. Source: BeInCrypto

Against this backdrop of growth, on-chain data showed the activity of large whales. SharpLink Gaming doubled its investments in altcoins. According to EmberCN, the company became a major holder, acquiring 20,279 ETH for approximately $68.38 million. SharpLink acquired this volume through Coinbase Prime and Galaxy Digital.

"In the last 8 days, they accumulated 111,609 ETH ($343.38 million)," reported Lookonchain.

This purchase increased SharpLink's ETH reserves to 321,000 ETH. The average purchase price was around $2,745. The company currently has an unrealized profit of $204 million.

In addition to SharpLink, other companies are also strengthening their positions in ETH. OnchainLens noted that the DeFi project World Liberty Financial supported by Donald Trump (WLFI) acquired 3,007.4 ETH for approximately $10 million. The price per coin was $3,325.

Lookonchain also reported that the address linked to Fenbushi Capital withdrew 4,000 ETH from Binance, which may indicate a strategic repositioning. An unknown whale withdrew 7,980 ETH worth $26.86 million from Kraken.

EmberCN added that this entity withdrew a total of 88,292 ETH, which is equivalent to $250 million, from Kraken since last week. The unrealized profit amounts to $49.5 million.

"This address is new and has only interacted with the Kraken hot wallet. Personally, I believe this could be the address of an American public company with an ETH reserve plan that has not yet disclosed its address. Of course, there is also the possibility that this is Kraken's own cold wallet for storing ETH, although this is less likely," said on-chain analyst EmberCN.

Whales are taking profits on ETH

The investment firm Trend Research sold 79,470 ETH for $250 million at an average price of $3,145 over the last two days. Previously, from February 26 to June 20, it bought 184,115 ETH for $390 million at an average price of $2,118. They currently hold 105,664 ETH, valued at $354 million.

Another whale sold 98,610 ETH for $278 million at an average price of $2,819 over the past eight days. He has 35,022 ETH left, worth $117.5 million. Previously, he made over $30 million in profit from Ethereum.

Finally, Argot Collective, a non-profit organization, sold 1,210 ETH for 4.09 million USDC. The fund received 7,000 ETH in funding from Ethereum Foundation.

"Since the start of the ETH sale for stablecoins on July 11, they have converted 3,626.6 ETH into 11.2 million USDC at an average price of $3,089," reported EmberCN.

These buy and sell transactions reflect different strategies of investors in the current rally. The accumulation of SharpLink makes the company a key player, while the sell-off of Trend Research creates a counterbalance to the bullish trend.

ru.beincrypto.com