Ethereum News Today: Ethereum Surpasses $3,900 as Sharplink's $295M ETH Purchase Sparks 2.87% Surge

Ethereum’s price surpassed $3,900 on July 28, 2025, fueled by a $295 million Ethereum acquisition by gaming firm Sharplink. The purchase added 77,210 ETH to Sharplink’s holdings, elevating its total Ethereum treasury to 438,017 ETH, valued at approximately $1.7 billion. This move followed a similar $258 million acquisition of 80,000 ETH in June 2025, underscoring the company’s long-term accumulation strategy. The transaction coincided with a 2.87% daily price surge for Ethereum and a 26.6% increase in 24-hour trading volume, which reached $30 billion [1].

The purchase amplified institutional demand for Ethereum, which has outpaced the network’s issuance over the past 30 days. During this period, the Ethereum network generated 72,790 new ETH, while Sharplink’s single acquisition exceeded this figure. This dynamic highlights growing institutional confidence in Ethereum’s utility as a staking and value-capture asset. Sharplink’s acquisition also triggered market speculation about further buying, as the firm transferred $145 million USDC to Galaxy Digital in advance of the purchase [2].

Technical indicators reinforced the bullish momentum. Ethereum’s 14-day RSI hit 81.75, a level typically associated with overbought conditions, while the MACD histogram recorded a +21.93 reading. These signals suggest sustained buying pressure, with $4,284 identified as the next key resistance level. Analysts noted that the price had already surpassed the 61.8% Fibonacci retracement level at $2,950, a critical psychological threshold for long-term buyers [3].

The market reaction extended beyond Sharplink’s actions. Bitmine Technologies, which received a $500 million Ethereum-focused investment from Peter Thiel, became the largest institutional holder with 566,776 ETH. This shift underscored Ethereum’s appeal to strategic investors seeking exposure to blockchain-based returns. Meanwhile, GameSquare Holdings launched a $100 million Ethereum treasury program, acquiring 1,819 ETH in its initial $5 million purchase. These moves reflect broader institutional alignment with Ethereum’s proof-of-stake model, which enhances its attractiveness as a yield-generating asset [4].

Ethereum’s 30-day trading volume surged 61%, outperforming the broader crypto market, which saw a 15% decline during the same period. This divergence highlights Ethereum’s role as a preferred settlement layer for traditional finance applications, driven by its smart contract capabilities and interoperability. The asset now ranks within the top 25 global financial assets by market capitalization, a milestone reflecting its growing institutional adoption [5].

However, the concentration of Ethereum holdings among a few institutions has sparked debate. Observers cautioned that large-scale acquisitions, such as Sharplink’s 2% of monthly issuance, could pose decentralization risks. Conversely, the firm’s staking activity contributes to network security, potentially stabilizing Ethereum during periods of volatility. This duality—between decentralization concerns and enhanced network resilience—remains a key topic for investors and developers [6].

The Ethereum Foundation now ranks third among institutional holders, further solidifying the asset’s corporate backing. As the network approaches its all-time high, sustained institutional demand and active accumulation suggest a favorable outlook, provided that market fundamentals align with technical momentum.

Sources:

[1] [Ethereum Price Surges 61% as SharpLink's Institutional Accumulation Drives Bullish Momentum](https://www.ainvest.com/news/ethereum-news-today-ethereum-price-surges-61-sharplink-institutional-accumulation-drives-bullish-momentum-2507/)

[2] [Ethereum Climbs Above $3,900 as Sharplink Acquires Another 77.2K ETH](https://www.newsnow.com/us/?lang=en&search=%22SharpLink%22&searchheadlines=1)

[3] ["SharpLink" Headlines - NewsNow](https://www.newsnow.com/us/?lang=en&search=%22SharpLink%22&searchheadlines=1)

[4] [LIVE] Crypto News Today: Latest Updates for July 28, 2025 (https://cryptonews.com/news/live-crypto-news-today-latest-updates-for-july-28-2025/)

[5] [Ethereum Fear and Greed Index | Multiple Timeframes](https://cfgi.io/ethereum-fear-greed-index/)

[6] [One site. All news. kripto.NEWS](https://kripto.news/)