On July 1, Ethereum (ETH) experienced a new bout of price pressure and dropped to $2,418.39. This decline happened even with all the growing institutional interest in establishing ETH treasuries. Industry leaders pointed out that the digital asset is in a very good place with stablecoins and smart contracts. This price movement happened despite that strength.
The price of Ether faced challenges, with the most significant drop occurring during the 14:00 UTC hour, briefly reaching $2,404.47. Earlier, during the 04:00 UTC hour, the price broke below the $2,460 support level, leading to continued downward pressure throughout the day. Losses pushed toward $2,400 but recovery attempts were weak, faltering just below $2,430 with overhead resistance at $2,445. Between 20:01 and 21:00 UTC, ETH fluctuated between $2,425 and $2,418 on decreasing volume.
From gaming to payments, many companies are gradually adopting ETH as a part of their balance sheets. SharpLink Gaming, led by Chairman Joseph Lubin, who co-founded Ethereum, is embedding ETH at the core of its balance sheet. SharpLink Gaming, meanwhile, just announced its acquisition of a mind-blowing 9,468 ETH, worth $22.8 million, between June 23-27. This calculation has increased its overall ETH holdings to an impressive 198,167.
BitMine intends to make ETH its first treasury reserve asset. The company has plans for actively deploying it in staking and DeFi protocols. To pay for this Ethereum treasury strategy, BitMine revealed a $250 million private placement. The agreement is scheduled to close by July 3. It’s received solid backing from influential companies such as Pantera, Founders Fund, Galaxy Digital, Kraken and DCG.
CEO Jonathan Bates also mentioned that BitMine would work with partners FalconX, BitGo and Fidelity Digital to increase its ETH holdings. Bates received his PhD in computer science from the University of London. Martin began his career as a software developer and now has a deep, technical knowledge of high-tech solutions that he brings to his company.
Chairman Thomas Lee specifically noted Ethereum’s lead in the market for stablecoins and smart contracts. He emphasized the underlying, intrinsic worth that attracts institutional capital. Siamak Masnavi, PhD, is a researcher interested in blockchain technology, cryptocurrency regulations, and macroeconomic trends. He noted that these strategic treasury moves are showing a long-term bullish outlook on ETH, despite short-term price fluctuations.
