SharpLink: Ethereum Adoption Strengthens as 38.7M ETH Stays Staked

TLDR

• SharpLink said ETH stayed near $2,000 since early February and remained below pre-crash levels.
• The company reported holdings of 863,000 ETH valued at about $1.89 billion.
• SharpLink said it has not made major ETH purchases since October 2025.
• Short-term holders sat near breakeven, and SharpLink cited an MVRV reading near 1.0.
• Exchange balances fell to about 15 million ETH, and SharpLink described that as a supply constraint.
• US spot ETH ETF flows turned positive in April after months of net outflows, SharpLink said.
• BlackRock said it will tokenize an existing multibillion-dollar money market fund on Ethereum, SharpLink noted.

SharpLink said Ethereum’s long-term adoption signals kept rising while ETH stayed near $2,000 support. The firm said ETH trades well below its August 2025 high. Yet, SharpLink cited staking, holder behavior, and ETF flows as key anchors.

ETH Metrics Reinforce SharpLink’s Institutional Case

SharpLink said ETH “consolidated around bear market lows of $2,000” since early February. It said ETH has not returned to pre-crash levels.

The company said it holds 863,000 ETH worth about $1.89 billion. However, it said it has not made large buys since October 2025.

SharpLink reported that 38.7 million ETH now sit in staking contracts. It valued that stake at nearly $89 billion and near 32% of the supply.

The firm said staking deposits kept growing through down markets. It linked that trend to the demand for protocol yield.

SharpLink said “conviction in Ethereum’s yield layer keeps compounding regardless of price,” and it linked that to staking growth. It said deposits kept rising during a 50% drawdown from the 2025 peak.

SharpLink said long-term holders kept positions through recent volatility. It said every cohort holding more than six months stayed put.

The firm said short-term holders sat near breakeven with MVRV near 1.0. Therefore, it said recent buyers lacked the profit to sell.

Ethereum Adoption Themes Broaden as ETH Supply Tightens

SharpLink said exchange balances fell to about 15 million ETH, a low. As a result, it said less ETH sit ready for quick selling.

It said U.S. spot ETH ETF flows turned positive in April after months of outflows. It said inflows returned even during a month with a DeFi exploit.

SharpLink said Ethereum leads real-world asset tokenization by activity and selection. It said asset managers keep choosing Ethereum rails.

It cited BlackRock’s plans to tokenize an existing multibillion-dollar money market fund on Ethereum. It also cited JPMorgan launching a second tokenized money market fund on Ethereum.

SharpLink said “these trends tell the same story,” and it said managers tokenizing on-chain choose Ethereum. It also said stablecoins settle on Ethereum and autonomous agents run on Ethereum.

SharpLink said Galaxy and SharpLink launched a $125 million Ethereum-powered DeFi yield fund this week. It framed the product as another access route.

ETH price fell to just above $2,250 late Tuesday after the U.S. CPI print. It then rebounded near $2,300 in Asia on Wednesday and stayed range-bound for about a month.

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