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Joseph Chalom, BlackRock’s Head of Digital Assets Strategy, switched careers to become SharpLink Gaming’s new co-CEO. SharpLink has been an Ethereum treasury firm in recent months, and Chalom wants to “activate” its ETH.

At BlackRock, Chalom helped pioneer the company’s Bitcoin and Ethereum ETFs alongside ETH-based tokenized funds and other products. However, he is an Ethereum maximalist, and SharpLink can better fit into that long-term vision.

BlackRock Exec Moves to SharpLink

Corporate investors worldwide have been investing in Ethereum, with the altcoin representing an attractive alternative to BTC acquisitions.

SharpLink Gaming has participated in the trend since May, becoming a major whale despite the occasional setback.

Today, SharpLink acquired a new co-CEO: Joseph Chalom, a career BlackRock executive.

Chalom has been a BlackRock veteran for 20 years, working as its Global Head of Digital Assets in addition to other related roles. He led the company’s push to establish market dominance over BTC and ETH ETFs, alongside Ethereum-based tokenized funds.

While BlackRock is a major Bitcoin whale, SharpLink represents an outlet for pure ETH maximalism.

In his statement, Chalom made it clear that this maximalism is a direct motivator for his switch from BlackRock to SharpLink.

Although BlackRock is a major ETH investor in its own right, Bitcoin-based products dominate its crypto portfolio.

SharpLink, on the other hand, is laser-focused on Ethereum, acquiring over 360,000 ETH worth approximately $1.34 billion.

The firm went on a buying spree and received fresh institutional backing earlier this month, and its ETH buys alone generated around $354 million in profit.

Now that he’s moved on from BlackRock, Chalom described a few strategies for turbocharging SharpLink’s Ethereum commitments.

Essentially, he wants to make ETH the new foundation of DeFi worldwide, “activating” it through native staking, restaking, and more. As SharpLink’s new co-CEO, he can marshal company resources to achieve this goal.

In the long run, Chalom envisions a world where stablecoins, RWAs, AI agents, and more all fit comfortably into Ethereum’s blockchain. BlackRock has had a significant influence on the ETH ecosystem, but SharpLink will prioritize it long-term.

This kind of bold, trend-setting approach might protect the company from market risks and create fresh opportunities.

The post BlackRock’s Head Of Digital Assets Leaves To Join Ethereum Treasury Company SharpLink appeared first on BeInCrypto.

Solana’s price has faced significant volatility over the past week due to recent market troubles. This has led to a sharp decline in its futures market sentiment as leveraged traders appear reluctant to take bullish positions. 

This lack of confidence increases the risk of a further price drop, with SOL eyeing a dip below the $130 level in the near term.

Solana Struggles as Traders Exit

SOL’s negative funding rate is an indicator of the waning bullish bias among its futures traders.

According to Coinglass data, SOL perpetual futures have maintained a negative funding rate for the past three days, indicating that short sellers are paying to hold their positions. At press time, this stands at -0.0060%.

The funding rate is a periodic fee exchanged between long and short traders in perpetual futures contracts to keep the contract price aligned with the spot market. 

As with SOL, when this rate is negative, it means that short sellers (those betting on a price decline) are paying fees to long traders, indicating a bearish sentiment in the market.

Therefore, more traders are positioned for a price drop, reinforcing the downward pressure on the coin’s price. 

Moreover, the lack of confidence among SOL futures traders is reflected by its plummeting open interest. At press time, this is at $3.94 billion, falling 19% since the beginning of March. 

An asset’s open interest tracks the total number of active futures contracts that have not been settled.

When this falls, especially during a period of price decline, it suggests that traders are closing positions without opening new ones. This confirms the reduced conviction in a short-term SOL price recovery among its futures traders. 

Solana Bulls Weaken—Can They Prevent a Drop Below $130?

At press time, SOL trades at $137.70, resting just above the support floor of $136.62. As bullish sentiment tapers, this level risks being flipped into a resistance zone.

Should this happen, SOL’s price could slip below $130 to exchange hands at $120.72.

On the other hand, if bullish momentum returns to the SOL market, this bearish projection will be invalidated. In that scenario, new demand could drive the coin’s price to $182.31.

The post Solana (SOL) Futures Market Hints at More Losses Below $130 appeared first on BeInCrypto.