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

Recent cryptocurrency market corrections have triggered divergent moves among major players. On-chain data from Lookonchain reveals that SharpLink, Joe Lubin’s crypto treasury company, has resumed buying Ethereum after an eight-month hiatus, while long-standing OG whales have begun to capitulate.

SharpLink began accumulating ETH in mid-2025 and quickly became one of the largest holders in the Ethereum ecosystem. By early October, its position had grown to nearly $1 billion in unrealized profits. However, after the market crash that same month—which wiped out over $19 billion in liquidations—Ethereum’s price dropped 70% from its 2025 all-time high to below $1,550. Unlike Bitmine, another major accumulator that continued buying through the bear phase, SharpLink halted its acquisitions.

That changed after Thursday’s crash. SharpLink purchased approximately $8 million worth of ETH, ending its eight-month pause. The company now holds 876,285 ETH (valued at $1.4 billion), including 22,102 ETH earned from staking. Its average acquisition price is $3,609, placing it deep underwater with an unrealized loss of $1.7 billion, according to Lookonchain.

In contrast, Bitmine, chaired by Tom Lee, continues to accumulate and stake ETH. The company recently staked another $250 million worth of ETH despite facing an unrealized loss of around $10 billion.

Meanwhile, OG Ethereum whales have turned sellers. Lookonchain identified four wallets that received 37,602 ETH eight years ago when the asset traded at $830. During the 2021 and 2025 bull runs, their unrealized profits exceeded $150 million, but they never sold. After the latest crash drove ETH to just over $1,500, they began disposing of their holdings. As of press time, they had sold 33,623 ETH, trimming their current profit to $27.4 million.

The divergence highlights contrasting strategies: SharpLink’s resumption signals institutional confidence in ETH’s long-term value, while the OG whales’ capitulation reflects exhaustion after years of holding.

Source: https://cryptopotato.com/sharplink-resumes-eth-buying-after-8-month-hiatus-but-og-whales-capitulate/