Ethereum Slips to $3,500 as Treasury Firms Buy the Dip Amid Record ETF Outflows!

Jakarta, Pintu News – Ethereum (ETH) failed to hold at the $3,700 level on Tuesday (Aug 5), despite SharpLink Gaming (SBET) announcing it had bought more than 83,000 ETH last week.

Instead of being driven by corporate buying pressure, the biggest altcoin’s move was in line with a record $465 million daily outflow from spot ETH ETFs in the United States.

Ethereum Price Drops 2.35% in 24 Hours

As of August 6, 2025, Ethereum traded around $3,586 (approximately IDR 59,000,010), slipping 2.35% over the past 24 hours. During the session, ETH dipped to a low of IDR 58,311,493 and briefly climbed to a high of IDR 60,779,026.

At the time of writing, data from CoinMarketCap shows that Ethereum’s market capitalization stands at around $432.78 billion, with daily trading volume rising 7% to $32.44 billion in the last 24 hours.

Read also: Bitcoin Sinks to $113K — Is a $90K Crash Coming or the Next Bull Run About to Begin?

SharpLink Strengthens Ethereum Treasuries, ETH ETF Records Largest Outflows

Ethereum treasury company and e-sports marketing provider SharpLink Gaming revealed that they bought 83,561 ETH last week, bringing their total holdings to 521,939 ETH as of August 3.

SharpLink stated that this purchase was made after successfully raising $264.5 million through at-the-market (ATM) facilities during the period.

SharpLink began transitioning to an ETH treasury strategy in May, having previously raised $425 million through a private placement offering. Since then, the company has also filed paperwork with the Securities & Exchange Commission (SEC) to expand their ATM facility to $6 billion, with the aim of adding to the ETH coffers.

Almost all of SharpLink’s ETH is currently staked, and the company reports that total staking returns have increased to 929 ETH since the treasury’s launch last June.

With a stake of 521,939 ETH, SharpLink is right behind BitMine (BMNR)-an ETH treasury company backed by Peter Thiel-in the ranks of public companies aggressively building up reserves of this top altcoin.

BitMine itself on Monday announced holdings of more than 833,100 ETH, naming Bill Miller and Cathie Wood’s ARK Invest as key shareholders. As a result, the combined ETH holdings by public treasury companies now exceed 1.9 million ETH.

Read also: Crypto Markets Rise, These 3 Altcoins Steal the Attention!

This surge in ETH purchases by treasury companies comes amid the largest outflow from spot ETH ETFs in the US, which reached $465 million last Monday according to SoSoValue data.

The outflow halted a 20-day trend of consecutive inflows worth about $5.3 billion, which came to a halt after President Donald Trump imposed new reciprocal tariffs on international trading partners.

Ethereum Price Prediction: ETH Potentially Finds Support Near Uptrend Line

As reported by FX Street (5/8), Ethereum recorded $108 million worth of futures contract liquidations in the last 24 hours, consisting of $74 million of long liquidations and $34 million of short liquidations, according to Coinglass data.

After starting the week with a 6% gain, ETH briefly broke slightly above $3,700 on Tuesday (Aug 5) before reverting back. The largest altcoin is now moving down towards $3,470.

Technically, ETH could potentially find support near the uptrend line, which is reinforced by the 50-day Exponential Moving Average (EMA) since June 22. Just below this trendline is the $3,220 support. If these levels are broken, ETH could be pressured to $2,850, which is the next key area.

On the contrary, if the daily candlestick is able to close above the downtrend line around $3,900, ETH has a chance to test the 2024 peak at $4,107.

In terms of technical indicators, the Relative Strength Index (RSI) is currently below its average and moving down near the neutral level, indicating weakening bullish momentum.

Meanwhile, the Stochastic Oscillator is below the center line and moving towards the oversold area. If a crossover occurs in this area, a short-term rebound could be possible.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• FX Street. Ethereum Price Forecast: Treasury companies ramp up demand amid record outflows in ETH ETFs. Accessed on August 6, 2025