As the cryptocurrency market is going through a consolidation phase, institutional investors are making big moves in the background. Among them is SharpLink, a sports betting platform that has recently bought over 176K Ethereum for $463 million, essentially becoming the world’s largest public ETH holder.
“This is a landmark moment for SharpLink and for public company adoption of digital assets,” said Rob Phythian, Chief Executive Officer of SharpLink Gaming. “We believe Ethereum is foundational infrastructure for the future of digital commerce and decentralized applications. Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital.”
The article making the announcement also revealed that 95% of SharpLink’s ETH holdings have already been actively deployed in liquid staking and staking solutions.
This news about Ethereum underpins the importance of the ongoing altcoin season, which makes finding the best crypto to buy now quite easier. This is especially important at a time when no significant market movements have been made due to the rising geopolitical tensions.
An Innovative Approach of Ethereum Adoption – SharpLink Chairman
While much news about institutional adoption of crypto is centered around Bitcoin and its appeal as a store of value, Joseph Lubin, Chairman of SharpLink Gaming, is squarely focused on the decentralized technology, which is why Ethereum is the asset they are focusing on.
“SharpLink’s bold ETH strategy represents a pivotal milestone and innovative approach to the institutional adoption of Ethereum,” said Lubin, who is also the co-founder of Ethereum and CEO of Consensys. He added that the progressive legislation happening within the American ecosystem could serve as the catalyst to enhance Ethereum adoption. And with SharpLink’s contribution, Ethereum could stay secure in the long term while also rewarding users with additional Ethereum.
A company becoming the biggest holder while focusing on the technological aspect of crypto could essentially give more utility-centric cryptos a boost.
That said, the announcement has had little to no impact on the Ethereum price till now. ETH is still trading above the $2.5K mark, and its price has only gone through a 3.75% uptick in the last 24 hours.
However, it takes time for better sentimental indicators to kick in, which means the growth of SharpLink and the development within the Ethereum ecosystem could give the ETH price a major boost in the coming days.
Is Ethereum the Best Crypto to Buy Now?
Given that SharpLink has become the second-biggest player after the Ethereum Foundation to own Ethereum speaks volumes about the institutional adoption of the world’s second-biggest crypto. Furthermore, since technological aspects have been portrayed as the rationale behind this institutional interest, it means there could be new developments coming.
In terms of technicals, the recent price of Ethereum has created an ascending channel, and the recent bounce of the token from the $2.5K mark means that it is a good buy for a short position.
Macro-analysis, however, shows that the trading volume in June is lower than that of May, which indicates consolidation of the world’s largest altcoin.
If Ethereum continues to trade along the ascending channel, the price could grow higher. It is possible that the ETH price will retest the $3K mark in the coming months.
However, if a long red candle emerges, causing Ethereum to break below the $2.4K mark, investors should be wary of further lows. At that point, $1.9K could become Ethereum’s key support.
Another thing to note about Ethereum is that SharpLink is not the only one making news. Ali Martinez recently revealed via a post that 2.37 million addresses have accumulated 65 million ETH, and with that, Ethereum’s support zone is between $2.36K and $2.44K.
Beyond Ethereum, Here are the Top Investor Picks of this Week
Since utility is the selling point behind Ethereum’s current focus, the following could be considered among the best cryptos to buy now.
SUBBD
Developed on the Ethereum blockchain, SUBBD has made a name for itself within the cryptocurrency community thanks to its AI-driven perks.
Described by the official website as an AI agent creation platform, SUBBD is trying to penetrate an $85 billion industry, and it has the tech to do it.
A content creation ecosystem, SUBBD has many of the same quirks as OnlyFans. However, the difference lies in AI tools, which could redefine fan interaction.
Not only will the models/creators on the platform be paid in crypto, they will also be able to create AI-driven content as exclusive perks for users.
There are also gamified elements within the ecosystem, and much focus has been placed on making the fan-creator relationship better.
Over 2,000 models have been onboarded already, and with that, SUBBD has a potential audience of more than 250 million spread across multiple social media platforms.
Analysts appreciate the brand focus of this crypto and cite it as the reason it could make an explosive entry on the price chart.
Bitcoin Hyper
Since Ethereum has been able to gain traction due to the sheer level of utility it provides, Bitcoin Hyper is an attempt by developers to inject more use cases into the Bitcoin network so that the world’s largest crypto could become more than just a “store of value.”
Bitcoin Hyper is essentially presented as a meme coin. However, with the help of an L2 scaling solution, Solana Virtual Machine, and a Canonical Bridge, it aims to evolve Bitcoin into new horizons.
A meme coin promising utility is an overdone premise. However, what makes Bitcoin Hyper different is its whitepaper, which clearly shows that the developers have the technical know-how to implement what they have envisioned.
Much thought has been put into the underlying technology, which means Bitcoin Hyper could just be the shock that pushes Bitcoin toward a new direction.
Bitcoin Hyper has raised upwards of $1.2 million already, and analysts are already touting it as the next 100x crypto gem.
Best Wallet Token
Accessing Ethereum tokens is made easier with Best Wallet, an inclusive cryptocurrency wallet focusing on UI and ease of access. The wallet has many traits similar to both DEX and CEX platforms, allowing users to buy Ethereum and Ethereum-based tokens, among other assets.
Staking perks are also offered within the wallet, and portfolio management tools are being added.
Enhancing these features is the Best Wallet Token, a utility crypto that could become people’s — especially beginners’ — way to enter the cryptocurrency space.
Best Wallet Token also helps unlock key features of Best Wallet, including the token launchpad, which allows users to participate in a crypto presale before it is revealed to the public.
Other facilities of Best Wallet include market analysis, crypto education, and more. The project has raised over $13 million so far.
Conclusion
SharpLink becoming the biggest ETH holder after the Ethereum Foundation hasn’t had much of an impact on the cryptocurrency market yet. However, it has been established that utility cryptos are smarter picks.
That’s the reason this “best crypto to buy now” list focuses on assets with perks beyond just being stores of value. SUBBD powers content creation, Bitcoin Hyper challenges the standard Bitcoin norm, and Best Wallet Token focuses on inclusivity.
Investors should consider them as their next better investment. However, proper research beforehand is also recommended.
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