Impacted by the latest U.S. non-farm data, the cryptocurrency market collectively dropped early this morning, with Bitcoin briefly falling below $113,000, and Ethereum losing the $3,500 support, reaching as low as $3,430. However, during the market downturn, on-chain data shows that institutions and whales are still continuing to accumulate ETH.
SharpLink Gaming Adds 14,933 ETH
According to Remainder monitoring, Ethereum reserve company SharpLink Gaming has again added 14,933 ETH through Galaxy Digital since early this morning, valued at approximately $53 million.
After receiving these tokens, SharpLink Gaming transferred 55.56 million USDC to Galaxy Digital to continue purchasing ETH.
Within the past 7 hours, SharpLink Gaming deposited 108 million USDC and transferred to Galaxy Digital, currently having bought 14,933 ETH (valued at $53 million).
They transferred $53 million USDC to Galaxy Digital 7 hours ago, then received 14,933 ETH 2 hours ago at a purchase price of $3,550. After receiving ETH, they again transferred 55.56 million USDC to Galaxy Digital to continue purchasing ETH.
Since beginning to reserve ETH in a MicroStrategy-like operation from early June, SharpLink Gaming has accumulated a total of 464,000 ETH, currently valued at $1.62 billion. The average purchase price is around $3,029, currently showing an unrealized profit of $214 million.
On-chain Whales Accumulate Against Market Trend
Beyond institutions, whales have made even larger moves. According to on-chain data analyst Ai Yi's monitoring, an on-chain whale (wallet address 0xdf0…e2EF3) has accumulated 79,461.38 ETH within three days, spending approximately $299 million, though currently showing an unrealized loss of $22.06 million.
Part of this accumulation came this morning, when Ethereum's price fell to a critical support level. The address received 16,495.15 ETH from Galaxy Digital, worth about $58.5 million, lowering the average holding price to $3,763.53. This reflects large capital taking the opportunity to absorb ETH during market volatility.
