4E: SharpLink Gaming purchased $300 million worth of ETH over the weekend and pledged all of it; ETH Chain Activity Approaching Historical High

On July 28th, SharpLink Gaming purchased a total of 77206 ETH (approximately $296 million) over the weekend and transferred all of them to a staking contract. On chain data shows that all ETH extracted by Galaxy Digital from Binance has been transferred to the SharpLink Gaming address, and the related funds have been transferred through USDC transfer. At the same time, the activity on the ETH chain is approaching the peak of 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 amount has exceeded the stage high of December 2024, indicating the re-entry of institutions and large funds. Meanwhile, long-term holders continue to increase their holdings, with little selling pressure. On a macro level, the United States and the European Union have reached a 15% unified tariff agreement and announced a $600 billion EU investment and procurement plan in the United States, which may benefit US dollar assets; CME data shows that the probability of the Federal Reserve keeping interest rates unchanged in July is as high as 97.4%, and the market's expectations for loose policies are heating up. In terms of Bitcoin, Blockware analysts believe that BTC will no longer exhibit extreme bull bear market trends, and will enter a "volatile upward" mode influenced by the ETF mechanism. Spot ETFs have become the main cause of reduced market volatility, and institutional participation has also led to confidence fluctuations among OG holders, resulting in increased selling pressure. According to 4E observations, SharpLink Gaming's large purchase and pledge of ETH this time sends two strong signals: firstly, the pledge behavior strengthens the market positioning of ETH as a "productive asset", which may encourage more funds to lock up positions in the long term and reduce market selling pressure; Secondly, the frequent participation of institutions such as Galaxy Digital is also supporting ETH to become the main asset allocation for institutions. Against the backdrop of stable macroeconomic policies and dovish signals from the Federal Reserve, the activity on the ETH chain continues to rise, which is expected to drive the overall recovery of the DeFi sector. If the ETH price breaks through $3900, it will trigger over $700 million in short clearing, further pushing up the price. In the short to medium term, the increased volatility of ETH will dominate market sentiment, while Bitcoin will perform more steadily and dominate long-term structural upward trends. 4E reminds investors that there are significant changes in market liquidity and regulatory expectations. Please be alert to the sentiment of chasing gains and killing losses, and allocate risk exposure reasonably.