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[SBET becomes the "largest ETH holder", a feast for long positions or the eve of a pullback?]
SharpLink Gaming(SBET) continued to increase its positions, surpassing the Ethereum Foundation to become the largest holder of ETH with a position of 280,706 ETH. Last week, the company raised approximately $413 million through the ATM mechanism, more than half of which has been used to buy coins and participate in staking, while the remaining funds are still awaiting deployment. In just one week, the stock price has increased by over 60%, and its market capitalization has expanded, with the label "Ethereum version of MSTR" trending.
The sentiment in the options market is even more heated: yesterday's transaction volume was 170,000 contracts, which is 2.8 times the 30-day average; the 30-day implied volatility surged to 175%, placing it in the historical 95th percentile; the Put/Call transaction volume ratio is only 0.31, indicating that funds are flooding into the bullish side. The deep in-the-money Calls with a strike price of $25–30 expiring this Friday (July 18) account for over 40% of the total, while Max Pain is at $17.5. If the stock price or ETH experiences a pullback, long positions may face Gamma pressure. #ETH