Ethereum (ETH) Price: Institutions Are Buying the Dip Hard - SharpLink, BitMine Add Thousands of ETH

TLDR

• SharpLink reported $394.3 million in Q2 net losses, driven by unrealized ETH losses and staking token impairments
• BitMine repurchased 3 million shares and acquired 7,931 ETH last week, bringing total holdings to 5.805 million ETH
• Ethereum staking hit a record 41.7 million ETH, about one-third of all circulating supply
• US spot Ethereum ETFs recorded $244.9 million in net inflows last week, their largest since mid-April
• ETH is trading near $1,870, caught between the 50-day EMA at $1,862 and resistance at the 100-day EMA near $1,924

SharpLink Gaming (SBET) posted $394.3 million in net losses for Q2, up from $103.4 million in losses the same period last year. The bulk of the damage came from $321 million in unrealized losses on its ETH holdings and $76.1 million in impairments on liquid staking tokens.

Despite the losses, SharpLink’s total revenue rose to $11.5 million from just $0.7 million a year ago. The company raised $75 million through a share offering, used part of it to buy 10,000 ETH, and ended Q2 with 886,881 ETH. Its holdings have since grown to 888,938 ETH.

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