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SharpLink Gaming and BitMine Immersion Technologies, two of the largest publicly traded Ethereum holders, have both boosted their ETH exposure to over $1 billion.

This development coincides with a significant rally in ETH. The altcoin recently broke the $3,600 mark, reflecting a 21.2% increase over the past week. This surge outpaces Bitcoin’s modest 2.96% gain in the same period, highlighting growing institutional appetite for ETH.

Ethereum’s Growing Institutional Appeal: Public Companies Boost ETH Holdings

According to the latest data from Lookonchain, SharpLink Gaming has purchased 32,892 ETH, valued at approximately $115 million. This follows the firm’s addition of 20,279 ETH yesterday.

Lookonchain added that over the past nine days, SharpLink has acquired 144,501 ETH, totaling $515 million. The firm’s total holdings have surpassed $1 billion. Notably, this is just the beginning for SharpLink.

The firm filed a ‘prospectus supplement’ with the US Securities and Exchange Commission (SEC) to amend its previous offering. It plans to issue up to $5 billion in additional common stock through a sales agreement. The proceeds will further bolster its SharpLink’s Ethereum reserves and support operational growth.

Besides SharpLink, Tom Lee-backed BitMine also revealed that its holdings have increased to 300,657 ETH, worth over $1 billion.

Beyond these two giants, GameSquare Holdings has completed its $70 million public offering. This is a part of its broader plan to create a $100 million Ethereum treasury.

According to the latest press release, the firm raised $70 million through the sale of 46.66 million shares at $1.50 each. 

Additionally, BTC Digital, a Bitcoin mining firm, has followed Bit Digital’s footsteps. The firm announced that it will convert all of its Bitcoin holdings into Ethereum.

Furthermore, it revealed that it has closed a $6 million financing round and acquired an additional $1 million in Ethereum.

Ray Youssef, CEO of NoOnes, mentioned to BeInCrypto that the trend of accumulating ETH treasuries is gaining momentum for good reason. He pointed out that corporations are recognizing Ethereum not only as a utility network but also as a strategic store of value, aligning with its ‘digital oil’ narrative.

He further explained that Ethereum’s appeal is strengthened by its evolving monetary profile. Its improving utility, strong fundamentals, unique features like deflationary mechanics, and potential for passive income via yield-bearing staking rewards make ETH an attractive option for treasury allocation models. 

These qualities are especially appealing to institutions seeking a high-beta alternative to the widely adopted Bitcoin treasury models.

Meanwhile, Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet, noted that ETH’s recent price surge is not just a result of positive market trends or investor enthusiasm. Instead, it indicates a broader shift in the way institutional investors perceive and value digital assets like Ethereum.

Thus, the wave of Ethereum adoption by public companies and its outperformance of Bitcoin suggest a shift in cryptocurrency investment. However, the long-term implications remain subject to market and regulatory developments.

Amid hype around the prevailing bullish wave in the crypto market, traders and investors must brace for volatility due to expiring options for Bitcoin and Ethereum contracts.

Markets tend to stabilize shortly after the options expire, as traders adjust to the new trading environment.

What Traders Should Expect from Today’s Expiring Options

With crypto markets riding a bullish wave, a major options expiry could shake up the markets today, potentially influencing market behavior into the weekend.

Specifically, over $5.76 billion in notional value is tied to Bitcoin and Ethereum contracts scheduled to expire this Friday.

According to derivatives exchange Deribit, Bitcoin’s total open interest stands at 40,945 contracts, representing a notional value of $4.91 billion.

The max pain point, which is the price at which most options expire worthless, is a staggering $114,000. This is significantly below current spot levels, with BTC trading at $120,259 as of this writing.

With a put-to-call ratio of 0.78, traders appear to be leaning bullish, favoring call purchase options that would profit from price appreciation.

In contrast, Ethereum’s options market is showing a more neutral tone. The open interest is 237,466 contracts.

Meanwhile, the notional value is $851 million, and the put-to-call ratio is 1.01, signaling a nearly balanced sentiment between bearish and bullish bets. The max pain level is $2,950, significantly lower than ETH’s current market range.

Notably, this week’s expiring options are slightly more than last week’s contracts. As BeInCrypto reported, 36,970 BTC contracts with a notional value of $4.31 billion expired on July 11. In the same tone, 239,926 Ethereum contracts expired, with a notional value of $712 million.

Cautious Optimism Ahead of Options Expiry

Analysts at Greeks.live describe the broader sentiment as mixed. Some traders believe the top is in following recent rallies, while others continue to target higher valuations later in the year.

In the near term, however, traders employ risk reversal strategies, a classic tactic in options markets. This involves selling 30-day puts and buying 30-day calls, expressing a bullish stance while adding small put positions for black swan protection.

This strategy suggests that some market participants expect upside continuation but remain cautious about sudden downside shocks.

As traders brace for volatility, current market positioning reveals diverging sentiment across Bitcoin and Ethereum markets.

Volatility also remains a key focus. Ethereum’s implied volatility is hovering around 70%, even after its recent price spike. Analysts say this creates opportunities for basis trades and volatility squeeze plays.

According to Greeks.live, traders actively manage their exposure before today’s options expiry, expecting significant turbulence. In particular, the combination of large notional value, skewed max pain levels, and diverging sentiment sets the stage for potential volatility.

With both assets trading above their max pain levels, Bitcoin and Ethereum prices will likely pull back as these options are near expiration. However, the market could stabilize thereafter as traders adjust to new trading environments.

Joseph Lubin-backed SharpLink Gaming has drastically increased the equity it intends to sell to scoop up more Ether — and has added $515 million of Ether to its treasury in just the last nine days.

In a prospectus supplement filed with the US Securities and Exchange Commission on Thursday, SharpLink said it has increased the amount of common stock it can sell by an extra $5 billion, up from a billion under its initial May 30 filing.

Similar to its prior prospectus, SharpLink said it will use the majority of the proceeds to acquire Ether .

“We intend to contribute substantially all of the cash proceeds that we receive to acquire Ether [...] We also intend to use the proceeds from this offering for working capital needs, general corporate purposes, operating expenses and core affiliate marketing operations.”

If SharpLink were to use $6 billion to buy ETH for its treasury today, it would hold nearly 1.38% of ETH’s circulating supply.

ETH acquisition continues

On Monday, SharpLink became the largest corporate holder of ETH, and in a more recent X post, SharpLink hinted that it intends to hold 1 million ETH for its treasury.

As of Tuesday, the company held more than 280,000 ETH in its reserve, with approximately 99.7% of the asset being staked.

SharpLink has generated 415 ETH, worth $1.49 million, as a staking reward between June 2 and July 15.

Following the regulatory filing of its increased share offering, SharpLink bought another 32,892 ETH, worth $115 million.

The company has now purchased $515 million worth of ETH in the past nine days, according to Lookonchain.

Ethereum’s recent price trajectory has caught the attention of traders and analysts, as the asset extends its bullish rally well into today. With the price currently hovering around $3,420, Ethereum has registered a daily gain of 7.7% and a weekly surge of more than 23%.

The momentum follows a decisive breakout above the $3,000 level earlier this week, sparking renewed optimism across the derivatives and spot markets.

The latest insights from the on-chain analytics platform CryptoQuant provide context for Ethereum’s price action, suggesting that activity on Binance is a major catalyst.

Ethereum Short Liquidations Shift Market Dynamics

CryptoQuant contributor Darkfost notes that the recent uptick coincides with a structural shift in the derivatives market, particularly around short liquidations.

A deeper analysis of exchange flows and taker behavior further supports the case for sustained upward movement, with indicators suggesting that Ethereum may be positioning itself to revisit previous highs.

According to Darkfost, Ethereum’s current rally follows a prolonged five-month correction phase that began in December 2024. During this period, the market experienced a flush of long positions, especially on Binance, contributing to what he describes as a necessary “cleanup” in the derivatives space.

This recalibration helped reset speculative positioning and laid the groundwork for the recovery observed since late April. Now, the pattern has reversed. “Short liquidations are now dominating on Binance,” Darkfost observed, emphasizing how forced exits of bearish positions are reinforcing Ethereum’s upward price momentum.

Liquidation data shows multiple short squeezes in recent weeks, with volumes reaching $32 million and $35 million, respectively. This trend suggests that many traders are positioned counter to the prevailing market movement, adding fuel to the rally as they’re forced to close out positions.

Darkfost also highlighted that, if this pace of short liquidations continues, Ethereum may be poised to test its all-time high. He added that ongoing inflows into spot Ethereum ETFs and increasing adoption by institutions viewing ETH as a long-term asset could further support this potential breakout.

Taker Volume on Binance Hints at Bullish Continuation

In a separate post, CryptoQuant analyst Crazzyblockk pointed to taker-side activity on Binance as another critical signal. The ETH Taker Buy/Sell Ratio (7-day moving average) recently crossed the 1.00 threshold, signaling stronger buy-side pressure from market participants.

This shift was accompanied by a spike in price volatility, which reached 261.5, mirroring Ethereum’s latest price surge beyond $3,434.

Crazzyblockk noted that this pattern, rising buy-side taker volume aligned with surging volatility, has historically preceded extended price rallies. The divergence between taker long and short volumes further underlines dominant bullish sentiment.

The analyst emphasized that tracking taker momentum on Binance may offer early signals for future market direction, as the Ethereum price appears highly responsive to activity on the platform.

Featured image created with DALL-E, Chart from TradingView