Ethereum Mega-Whales Diverge as SharpLink Buys 480K ETH

SharpLink's $1.65B ETH accumulation reveals strong belief in Ethereum’s long-term value despite recent market uncertainty and volatility.

While mega-whale wallets decline, SharpLink's steady ETH buys show growing confidence in blockchain’s evolving financial ecosystem.

The diverging behavior between ETH whales and SharpLink hints at a market shift led by bold institutions and smaller agile investors.

Ethereum is facing a surprising twist as mega-whales shrink while SharpLink goes all-in, buying over 480,000 ETH in just one week. This massive accumulation, worth more than $1.65 billion, signals a sharp contrast in big-player behavior

While many large holders reduce exposure, SharpLink Gaming is doubling down. The company has aggressively bought Ethereum in multiple chunks between July 28 and August 3. These moves reflect bold confidence in ETH’s long-term growth, even amid market uncertainty.

As per Crypto trader Crypto Patel, SharpLink’s largest buy came on July 28, scooping 77,210 ETH worth $295 million. The spree continued on July 31 with another 11,259 ETH purchase at an average price of $3,828. On August 2, SharpLink added 14,933 ETH for $108.57 million

Today, they received 15,822 ETH worth $53.9 million. In just 48 hours, the firm acquired 30,755 ETH at an average price of $3,530. Their wallet now holds a total of 480,031 ETH.

Institutional Confidence Shines

SharpLink's sustained buying spree suggests they see Ethereum as a key long-term asset. The consistent purchases across varying price points show strategic accumulation. This behavior mirrors past trends where early institutional entries occurred just before major rallies. The data hints that SharpLink is positioning ahead of a possible bull run.

Besides, their move may reflect growing optimism around Ethereum ETFs, staking developments, and broader blockchain adoption. The average buy price of $3,530 also shows they are not chasing tops but buying calculated dips.

Mega-Whales on the Decline

However, not all big holders are acting the same. Crypto Rover’s analysis of Ethereum mega-whale addresses shows a clear divergence. Since 2021, addresses holding over 10,000 ETH have dropped from 1,200 to nearly 850 in 2025. This is happening even as Ethereum price trades above $4,000.

Source: Crypto Rover

Hence, either some whales are consolidating holdings, or they’re offloading profits quietly. The 30-day volatility in whale count confirms mixed sentiment. Moreover, the shift could signal a changing market structure, where retail and smaller institutions now drive the price.

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