4E: SharpLink Gaming purchased $300 million in ETH over the weekend and staked all of it; ETH on-chain activity is approaching historical highs

ChainCatcher news, SharpLink Gaming purchased a total of 77,206 ETH (approximately $296 million) over the weekend and transferred all of it into a staking contract. On-chain data shows that the ETH withdrawn by Galaxy Digital from Binance has all been transferred to the SharpLink Gaming address, with the related funds completed through USDC transfers.

Meanwhile, the on-chain activity of ETH is approaching the peak levels seen during the bull market in 2021. Analyst Murphy pointed out that since mid-July, the number of new buyers of ETH has surged, and the transfer amounts have surpassed the peak levels of December 2024, indicating that institutions and large funds are re-entering the market. At the same time, long-term holders continue to accumulate, resulting in low selling pressure.

On the macro front, the U.S. and the EU have reached a 15% unified tariff agreement and announced a $600 billion EU investment and procurement plan in the U.S., which may benefit dollar assets; CME data shows that the probability of the Federal Reserve maintaining interest rates in July is as high as 97.4%, with market expectations for easing policies heating up.

Regarding Bitcoin, Blockware analysts believe that BTC is no longer exhibiting extreme bull and bear markets. Influenced by the ETF mechanism, Bitcoin is expected to enter a "volatile upward" mode. The spot ETF has become the main reason for reduced market volatility, and institutional participation has led to fluctuations in the confidence of OG holders, resulting in increased selling pressure.

According to 4E observations, SharpLink Gaming's large purchase and staking of ETH sends two strong signals: first, the staking behavior reinforces ETH's market positioning as a "productive asset," which may encourage more funds to lock in for the long term and reduce market selling pressure; second, the frequent participation of institutions like Galaxy Digital also supports ETH as a key asset for institutional allocation.

Against the backdrop of stabilizing macro policies and the Federal Reserve signaling dovishness, the on-chain activity of ETH continues to heat up, which is expected to drive a rebound in the overall DeFi sector. If the ETH price breaks above $3,900, it will trigger over $700 million in short liquidations, further driving up the price. In the short to medium term, the increase in ETH volatility will dominate market sentiment, while Bitcoin will show more stability, leading to a long-term structural upward trend.

4E reminds investors: market liquidity and regulatory expectations are undergoing significant changes, please be cautious of chasing highs and cutting losses, and reasonably allocate risk exposure.