Ethereum News Today: Ethereum Surges 61% in 30 Days as SharpLink Buys 77210 ETH for $295M

Ethereum (ETH) climbed above $3,900 on July 28, 2025, reaching $3,908 at press time, driven by a surge in institutional demand. The cryptocurrency had gained 3.2% in the past 24 hours and 61% over the last 30 days, rebounding from a low of $3,530 on July 24. The price movement coincided with gaming and data firm SharpLink acquiring 77,210 ETH—valued at approximately $295 million—bringing its total holdings to 438,017 ETH ($1.69 billion) [1]. This purchase, executed via platforms like Figment and Hoppers DApp, marked the firm’s latest step in positioning itself as a long-term institutional ETH holder [1].

SharpLink’s accumulation was fueled by an expanded equity sale program, which has raised $721 million to date, including a $425 million private placement backed by Consensys, Pantera, and Electric Capital. The company’s strategic expansion underscores growing institutional confidence in Ethereum’s value proposition, with Ethereum co-founder Joseph Lubin serving as chairman and former BlackRock strategist Joseph Chalom as co-CEO. If SharpLink meets its acquisition targets, it could control over 1% of Ethereum’s total supply [1].

Market indicators highlight heightened speculative activity. Ethereum derivatives volume surged 61.44% in the last 24 hours to $89.16 billion, while open interest rose 7.72% to $59.94 billion, a record high. Total futures open interest exceeded $60 billion, signaling increased positioning for volatility [1]. The price’s proximity to $4,000—a key psychological level—has intensified attention, with technical indicators showing sustained bullish momentum.

On the daily chart, Ethereum traded above the 20-day simple moving average (SMA) at $3,432, with Bollinger Bands expanding to reflect heightened volatility. The relative strength index (RSI) of 82.89 indicates overbought conditions, though the indicator remains trending upward, suggesting ongoing buying pressure. Analysts note that unless the price closes below $3,600, the uptrend remains intact. A breakout above $4,000 could target $4,168, while a retracement below the 20-day SMA might trigger a pullback toward $3,250 [1].

SharpLink’s growing influence is evident in its status as the second-largest Ethereum holder, trailing only Bitmine Immersion Tech’s 566,000 ETH. The firm’s strategy to stake most of its holdings for yield aligns with broader industry trends, reinforcing its credibility in institutional markets.

The market’s cautious optimism reflects a balance between institutional accumulation and overbought technical conditions. While elevated derivatives activity suggests preparedness for volatility, key support and resistance levels remain critical for trend continuation. Institutional buyers like SharpLink, by locking in ETH for long-term staking, may act as stabilizing forces amid short-term fluctuations [1].

Sources:

[1] [Ethereum Regains $3,900 as Sharplink Buys 77K ETH] (https://crypto.news/ethereum-regains-3900-sharplink-buys-77k-eth-2025/)