Ethereum breaks through 3400 USD, triggering a Whale showdown! SharpLink aggressively acquired 110,000 ETH in 8 days, while short positions cashed out 530 million USD.

Ethereum has strongly broken through $3400, reaching a new six-month high, with a 24-hour rise of 6.87%, currently reported at $3324. The on-chain performance illustrates an extreme Bull vs Bear Battle: SharpLink Gaming has increased its holdings by 111,609 ETH ($343 million) over eight days, bringing total holdings to 321,000 ETH with unrealized gains of $204 million; the Trump-endorsed project WLFI has invested $10 million to chase the price. In contrast, the short positions camp, Trend Research has sold 79,470 ETH for $250 million in two days, while a certain mysterious Whale has reduced its holdings by 98,600 ETH over eight days. The differentiation of the Whale suggests that the market has entered a critical stage, with $3400 becoming the life-and-death line for both bulls and bears.

Bullish Forces: Institutions Frenzily Snatch 110,000 ETH, Cold Wallet Movements Hide Secrets

1. SharpLink Gaming: ▶ Added 20,279 ETH (68.38 million USD) through platforms like Galaxy Digital. ▶ Accumulated purchases of 111,609 coins (worth $343 million) over 8 days, with an average price of $2,745 ▶ Total Holdings 321,000 ETH, unrealized gains $204 million
2. Mysterious Whale: ▶ Transferred 88,292 ETH (250 million USD) from CEX, suspected of undisclosed holdings of a US-listed company. ▶ Current unrealized gains of 49.5 million USD
3. Political and Business Alliance: ▶ Trump endorsed the project WLFI, purchasing 3,007.4 ETH (10 million USD) at a unit price of 3,325 USD ▶ Fenbushi withdrew 4,000 coins from CEX

Short Positions Strike Back: $530 million in unrealized gains cashed out, foundation joins the dumping

• Trend Research： ▶ Sold 79,470 ETH (250 million USD) in two days, with an average price of 3,145 USD. ▶ Holdings decreased from 184,115 to 105,664, realizing profits of over 30%.
• Anonymous Whale: ▶ Sold 98,610 ETH (280 million USD) in eight days at an average price of 2,819 USD ▶ Remaining 35,022 unrealized gains of 117 million USD
• Institutions and dumping： ▶ The Argot Collective, funded by the Ethereum Foundation, has converted 3,626.6 ETH into 11.2 million USDC. ▶ Average selling price $3,089

On-chain Dark War: Exchanges Become the Main Battlefield, $3400 Sets the Direction

• Data Pivot： ▶ Net inflow of centralized exchanges in the past 24 hours: -38,200 ETH (bullish signal) ▶ Current exchange balance: 7.22 million coins (three-year low)
• Technical Key Levels: ▶ Bullish stronghold: $3,250 (institutional cost concentration area) ▶ Short positions defense line: $3,400 (psychological barrier + previous high resistance) ▶ Breakout risk point: $3,100 (weekly EMA30 support)

Conclusion: 320,000 ETH Holdings vs. 530 Million Selling Pressure, the Bull Market Depth Battle Begins Institutions like SharpLink are engaged in a capital showdown with a $343 million incremental buying against $530 million short positions, and the outcome of the $3400 contest will determine the medium-term direction. Practical strategy:

1. Breakthrough Scenario: After stabilizing above $3,400 with increased volume, chase the price target of $3,550 (maximum pain point for options)
2. Oscillation Strategy: Grid trading in the range of 3,250-3,400, capturing volatility premium
3. Risk Control Red Line: ▶ Sell 50% if it falls below $3,250 ▶ Losing the $3,100 level triggers stop loss Closely monitor the three major on-chain signals: ✅ Will SharpLink continue to increase its holdings (an average of 10,000 ETH per day as a strong benchmark) ✅ Changes in CEX hot wallet balance (Beware of mysterious Whale returning to sell) ✅ Foundation address stablecoin conversion rate (Argot Collective representative agency sentiment)