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What SharpLink’s $115M ETH buy means for Ethereum’s next move
A recent surge in institutional investment and a Coinbase premium have sparked optimism about the future of Ethereum (ETH). AMBCrypto News dives into the latest developments to find out what they mean for the market.
The past week has seen a significant increase in institutional investment, with SharpLink aggressively accumulating 144,501 ETH tokens over nine days. This translates to a staggering $515 million value. It is no secret that this kind of aggressive accumulation does not happen in isolation; rather, it signals a broader trend.
On-chain data suggests that demand for Ethereum is picking up steam on U.S.-based platforms and Coinbase is leading the surge. The Coinbase Premium Gap, which has reappeared, indicates that U.S. whales may be quietly accumulating ETH. This development is significant as historically this premium has preceded major announcements, rate decisions, or ETF developments.
The recent price action also warrants attention, with Ethereum experiencing a 7% surge in the past day and nearly 30% this week at press time. This upswing coincides with an increase in long liquidations, which could provide fuel for ETH’s rally rather than friction. If over-leveraged longs get flushed and ETH holds its ground, the bounce that follows could catch everyone off guard and propel prices even higher.
In conclusion, SharpLink’s $115 million buy of ETH, combined with Coinbase Premium flashing bullish signals and price pushing higher through liquidations, suggests a more significant rally may be on the horizon.
Source: ambcrypto.com
