SharpLink Resumes ETH Buying After 8-Month Hiatus but OG Whales Capitulate

With the latest major price moves (and mostly corrections) in the cryptocurrency markets, certain major players and whales have returned to act accordingly.

However, on-chain data from Lookonchain shows significant divergence between what SharpLink and some OG whales did. Here’s the Ethereum edition.

SharpLink Buys

Riding the wave of cryptocurrency treasury companies that started accumulating in 2024/2025, Joe Lubin’s SharpLink began its ETH acquisition in the summer of 2025 and quickly became one of the largest players in the broader Ethereum ecosystem. Similar to Bitmine, it kept buying new tokens as prices rose and its position quickly skyrocketed to almost $1 billion in unrealized profits by early October.

Then came the cycle-changing event in that same early October when the entire market collapsed, leaving over $19 billion in liquidations. Ethereum, similar to almost all other assets, has not been the same ever since, with its price tumbling by 70% from the 2025 ATH to under $1,550 as of now.

Interestingly, unlike Bitmine, which kept accumulating for the most part during this extended bear phase, SharpLink stood on the sidelines. This finally changed after the latest Thursday crash, as the company halted its 8-month break to acquire almost $8 million worth of ETH. It holds 876,285 ETH (valued at $1.4 billion), which includes 22,102 ETH earned from staking.

However, its position is deep in the red as its average acquisition price stands at $3,609. Its unrealized loss, according to Lookonchain, is at $1.7 billion.

Meanwhile, Bitmine, which stands on a whopping unrealized loss of around $10 billion, continues to accumulate and stake the majority of its ETH tokens. In the latest update on the matter, the Tom Lee-chaired company staked another $250 million worth of ETH.

OG Whale Capitulates

Another publication from Lookonchain shows that, in contrast to SharpLink, OG Ethereum whales have gone on a selling spree. Four such wallets received 37,602 ETH 8 years ago when the asset traded at $830. Their unrealized profits had risen to over $150 million during the 2021 and 2025 bull runs, but they refrained from selling.

However, they began disposing of their assets after the latest crash, which drove ETH to just over $1,500. As of press time, they had sold 33,623 ETH as their current profit sits at $27.4 million.

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