Ethereum Price Drops Below $3,700 Despite Corporate Buyups

Key Notes

• Ethereum price has lost its support above $3,700, even with recent corporate buyups from top companies like SharpLink Gaming.
• SharpLink Gaming recently purchased 15,822 ETH at a market value of $54 million.
• BitMine became the largest Ethereum treasury in the world with 833,137 ETH in its holding.

Ethereum

ETH $3 606

24h volatility: 1.1%

Market cap: $435.29 B

Vol. 24h: $24.37 B

price has lost its support above $3,700 even with recent corporate buyups from top companies like SharpLink Gaming (SBET).

As it stands, the coin is struggling to maintain its positive momentum. The Ethereum outlook is further compounded as spot ETH Exchange Traded Funds (ETFs) have recently recorded outflows.

SharpLink Gaming and BitMine Purchase Ethereum

SharpLink Gaming recently purchased 15,822 ETH at a market value of $54 million. This was in addition to a previous purchase of 14,933 ETH, bringing the total Ethereum acquisitions over the past week to 30,755 ETH.

As a result of this acquisition, SharpLink’s ETH holdings have hit 480,031 ETH. The ETH price is currently at $3,589.11, following a 2.81% dip over the last 24 hours.

Based on this price, the firm’s ETH holdings are worth approximately $1.72 billion, making it one of the largest public holders of Ethereum globally.

Related article: Whales Keep Buying ETH, Ethereum ETFs Keep Selling: Where Does It End?

“We believe that we’ll be able to accumulate more Ether, per fully diluted share, much faster than any other Ethereum-based project, or certainly faster than the Bitcoin-based projects,” Lubin stated.

With the company’s massive holding, SharpLink believed that it had successfully overtaken other corporate entities on record in ETH holding.

However, Las Vegas-based company BitMine Immersion Technologies showed up and knocked it off.

From June 30 to July 8, BitMine operated an Ethereum strategy that delivered 833,137 ETH, which has a total value of above $2.9 billion.

Consequently, BitMine now owns the largest Ethereum treasury in the world and the third largest crypto treasury overall. It is only behind Strategy and MARA Holdings.

The expectation is that Ethereum price will react positively to the buying pressure of corporate entities.

Unfortunately, the top altcoin’s move decided to follow a downtrend, closely aligning with a record daily outflow of $465 million in US spot ETH ETFs.

In the absence of strong catalysts or appropriate market conditions, ETH price could dip further, likely returning to below $3,000.

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nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.