sharp link gaming Chief Information Officer (CIO) Matt Sheffield said: clarified False information allegedly spread by Arkham Intelligence. The blockchain analysis platform posted on X on November 6th that SharpLink Gaming deposited a large amount of Ethereum (ETH) on the OKX exchange.
Ethereum price rises despite massive moves
According to the post, Arkham said SharpLink redeemed 5,284 ETH worth $17.52 million and deposited a portion of it in OKX. The total amount of Ethereum deposited was 4,364 ETH, worth approximately $14.47 million.
This transaction shows that 920 ETH was withheld upon deposit. It is unclear why or what happened to that amount.
Sheffield said the entire deal discovered by Arkham had nothing to do with Sharplink Gaming.
“This is a wallet that was incorrectly tagged with @arkham. It’s not from SharpLink,” he claimed.
Sheffield claimed that the wallet was labeled and did not actually belong to SharpLink. This revelation debunks claims that the gaming entity was moving large amounts of Ethereum for sale.
This is a wallet that was incorrectly tagged with @arkham. Does not belong to sharp links. https://t.co/TQPn649NdE
— Matt Sheffield (@sheffieldreport) November 7, 2025
This clarification is extremely important as the general cryptocurrency industry thrives on information and tracking the movement of assets. In particular, investors constantly monitor these developments in order to predict price fluctuations in the assets in which they have invested. This also helps determine market trends according to price fluctuations.
Ethereum has recorded an increase in price over the past 24 hours. According to data from CoinMarketCap, Ethereum is change This represents an increase of 5.96% within this period. The asset rose from an intraday low of $3,195.90 to reach a high of $3,482.27.
Trading volume likewise surged by 7.64% to $39.9 billion during the same period. This suggests that market participants remain bullish despite the deposit on OKX, which could have been interpreted as a sell signal.
Mixed patterns in the Ethereum market
In the broader market, BitMine Immersion Technologies (BMNR) Chairman Tom Lee withdrew a staggering 20,514 ETH worth approximately $69.8 million into his self-custody wallet.
The move is seen as bullish as Lee appears to be in good shape. long-term accumulation splash For major altcoins.
Interestingly, this accumulation occurred at a time when ETH was experiencing volatility in the crypto market. However, Lee maintains that the price fluctuation is a temporary event and remains positive on the outlook for ETH.
On the contrary, BlackRock has moved from one accumulation to the next. Ethereum offloading. The asset manager deposited $194.9 million worth of ETH into Coinbase Prime in what appears to be a major sale of his holdings.
