According to on-chain data shared by Lookonchain, a company named SharpLink Gaming recently added 188,478 ETH (worth approximately $473.6 million) to its portfolio at an average price of $2,513. Shortly after this massive transaction, the firm acquired another 1,989 ETH via an over-the-counter (OTC) deal, valued at $4.82 million. 

Whales and institutions are still buying $ETH!

SharpLink Gaming, which previously announced a purchase of 188,478 $ETH($473.6M) at $2,513, bought another 1,989 $ETH($4.82M) via OTC 5 hours ago.

Meanwhile, whale 0x1fc7, who bought and staked 3,201 $ETH($8.1M) a week ago, bought… pic.twitter.com/nwzSsFyRfA

— Lookonchain (@lookonchain) June 28, 2025

Ethereum Whales Drive Market with Staking Activity 

Meanwhile, an Ethereum whale identified by the address “0x1fc7” continued its aggressive buying trend. The whale acquired 3,201 ETH last week and staked the entire amount. Now, the same wallet has staked an additional 1,888 ETH, worth around $4.56 million. 

At the time of writing, ETH was trading at $2,428. After moving within a tight range over the past four days, these high-volume purchases may indicate growing institutional demand and a potential bullish trend. According to Sentora (formerly IntoTheBlock), demand for DeFi and smart contract usage on the Ethereum network has surged significantly. As a result, Ethereum’s network fees increased by 130.4%. These fees represent the total amount users pay to perform transactions on the blockchain. 

Ethereum Staking Surpasses 35 Million ETH 

Additionally, Ethereum’s net flow to centralized exchanges turned negative, hitting -$293 million. This reflects ongoing buying pressure and cautious withdrawal strategies due to market volatility. 

Ethereum also passed a critical psychological milestone. Over 35 million ETH is now locked in staking contracts, representing 28.3% of the total supply. This equates to approximately $84 billion in value, marking the highest staking volume ever recorded. 

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