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Key Takeaways:
- Over $400M in ETH accumulated by whales in 4 days via OTC deals.
- SharpLink Gaming boosts ETH holdings by 29%, signaling institutional bullishness.
- ETH price remains in consolidation, with $3,650 acting as critical support.
Ethereum (ETH) continues to hover near its critical resistance zone around $3,650–$3,700 after weeks of upward momentum. While the price remains flat, institutional investors and crypto whales are ramping up their ETH holdings, signaling long-term bullish sentiment amid short-term consolidation.
Whale Accumulation Reaches $400 Million in Just 4 Days
Blockchain analytics platforms Lookonchain and Onchain Lens revealed substantial whale activity in the last 24 hours. A newly created wallet, 0x8eEa, acquired 33,644 ETH valued at $125.7 million through FalconX. This wallet’s total ETH holdings have now surged to 105,977 ETH, worth approximately $397 million, within just four days.
Another wallet followed suit, purchasing 32,640 ETH via OTC deals worth $122.18 million, bringing its total holdings to 43,787 ETH or $163 million.
These large-scale acquisitions underscore a growing trend of strategic ETH accumulation during periods of price consolidation.
Institutions Join the ETH Accumulation Race
SharpLink Gaming (Nasdaq: SBET), often dubbed the “MicroStrategy of Ethereum,” added 79,949 ETH to its reserves last week, pushing its total ETH holdings to 360,807 ETH. This marks a 29% weekly increase, further emphasizing growing institutional confidence in Ethereum’s long-term value.
SharpLink Gaming (@SharpLinkGaming) has increased their $ETH holdings to 360,807 $ETH.
— Onchain Lens (@OnchainLens) July 22, 2025
Of this, 79,949 $ETH were purchased for $258.87M at an average price of $3,238.https://t.co/Am9wW52fVJ pic.twitter.com/TSWbeJ76Gl
ETH Price Remains Range-Bound Around $3,650
Despite the bullish accumulation, ETH’s price has remained largely stagnant over the past 24 hours, up just 0.9%, trading at $3,682. Trading volume dropped by 17%, indicating temporary hesitation among retail traders.
Analysts suggest the asset is undergoing profit booking after a 35% gain in recent weeks. The $3,650 level has emerged as a crucial support zone, preventing any sharp decline for now.
According to CoinGlass, traders have built $290 million in long positions near $3,359.7, making it a potential downside liquidation level. On the upside, heavy short positions worth $589.17 million cluster near $3,768.9, suggesting traders anticipate resistance before ETH retests the $4,000 mark.
This on-chain data reveals a market poised for volatility, with traders divided on whether ETH will break past its ceiling or drop back toward stronger support.
Despite Ethereum’s current price stagnation, whale and institutional accumulation suggests growing confidence in ETH’s long-term trajectory. As ETH continues to consolidate around $3,650, key resistance and liquidation levels may soon determine its next significant breakout or correction.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: Ethereum Based Meme Coin PEPETO Surpasses $5.5M in Presale
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
