Ethereum Dumping on OKX Has No Ties to SharpLink: Matt Sheffield

SharpLink Gaming Chief Information Officer (CIO) Matt Sheffield has clarified an alleged misinformation that was circulated by Arkham Intelligence. The blockchain analytics platform had on Nov. 6 posted on X that SharpLink Gaming deposited a significant amount of Ethereum ETHUSD on the OKX exchange.

Ethereum price gains despite large-scale movements

As per the post, Arkham stated that SharpLink redeemed 5,284 ETH valued at $17,520,000 and deposited part of it on OKX. The total volume of Ethereum deposited was 4,364 ETH, worth about $14,470,000.

The transaction indicates that 920 ETH were withheld at the point of making the deposit. It is unclear what the reason could be and what has happened to that amount.

According to Sheffield, the entire transaction, which was spotted by Arkham, has no connections whatsoever to SharpLink Gaming.

"This is an incorrectly tagged wallet on @arkham. Does not belong to SharpLink," he insisted.

Sheffield maintained that the wallet was mislabeled and does not actually belong to SharpLink. The clarification debunks claims that the gaming entity was moving large volumes of Ethereum for sale.

The clarification is critical as the general cryptocurrency industry thrives on information and tracking of asset movements. Notably, investors keep tabs on these developments to predict the price movements of assets they have invested in. It also helps in determining market trends as prices fluctuate.

Ethereum has, in the last 24 hours, recorded some gains in price. As per CoinMarketCap data, Ethereum is changing hands at $3,448.99, which represents a 5.96% increase within this period. The asset climbed from an intraday low of $3,195.90 to hit a peak of $3,482.27.

The trading volume similarly spiked by 7.64% to $39.9 billion within the same time frame. This suggests that despite the deposit on OKX, which could have been interpreted as a sell signal, market participants remain bullish.

Mixed pattern in Ethereum market

In the broader market, BitMine Immersion Technologies (BMNR) chairman, Tom Lee, pulled a staggering 20,514 ETH valued at around $69.8 million into a self-custody wallet.

The move is considered bullish, as Lee appears to be on a long-term accumulation spree for the leading altcoin.

Interestingly, the accumulation occurred when ETH was experiencing volatility in the crypto market. However, Lee insists that the price fluctuation is a momentary event and remains positive on ETH’s outlook.

On the flip side, BlackRock has moved from accumulation to offloading of Ethereum. The asset manager deposited $194.9 million worth of ETH on Coinbase Prime in what appears to be a large sell-off of its holdings.