EmberCN, in the post on X, postulated that most of the addresses that amassed these substantial amounts of Ethereum tokens are likely owned by institutions or US-based public companies building ETH reserves. The analytics, however, excluded SBET (SharpLink Gaming), as its addresses are known and identifiable.
As of this writing, the Ethereum token is valued at around $4,260, reflecting an over 5% increase in the past 24 hours. Data from CoinGecko shows that the second-largest cryptocurrency has increased in value by more than 25% in the last seven days.
The price of ETH has increased by more than 20% since then, prompting the BitMEX co-founder to “undo” his trade. On Saturday, August 9, Hayes used $10.5 million worth of USDC to purchase fresh Ethereum tokens at around $4,150.
Hayes said on X:
Had to buy it all back, do you forgive me @fundstrat? (referring to Tom Lee, the chief investment officer at Fundstrat Capital and head of research at FS Insight). I pinky swear, I’ll never take profit again.
