Ethereum Soars Past $4.2K as Crypto Whales Double Down on Bullish ’Higher’ Call
Ethereum just smashed through $4,200—and the big players aren’t backing down. Whales are still betting heavy on another leg up, shouting ‘higher’ like traders who’ve had one too many Red Bulls.
When ETH moves, it drags the altcoin circus with it. This isn’t just a pump; it’s a full-blown market mood shift. And let’s be real—after years of ‘institutional adoption’ hype, it’s refreshing to see price action that doesn’t need a PowerPoint deck to justify itself.
Will the rally hold? Who knows. But for now, the charts are screaming louder than a degens in a leverage squeeze.
Bullish Hashtags Dominate Social Media
Ether is currently trading above $4,200, and this surge has sparked Optimism among traders. In fact, social media sentiment shows a strong bullish tilt, with hashtags like #buying, #bought, #bullish, and #higher trending alongside ETH.
On the other hand, bearish commentary, including #selling, #sold, #bearish, and #lower, is appearing at roughly half the rate.
Crypto analytics platform, Santiment highlighted the growing retail-driven enthusiasm but warned that excessive FOMO could temporarily stall the rally’s momentum if sentiment becomes overly one-sided.
Meanwhile, institutional activity has also played a major role in Ethereum’s latest climb. Since July 10, over 1.035 million ETH worth approximately $4.17 billion have been accumulated by unidentified whales or institutions, according to pseudonymous blockchain analyst EmberCN.
The purchases were made via exchanges and institutional platforms, and coincided with a 45% price surge from $2,600 to $4,000. Most holdings are believed to belong to institutions or US-listed firms with ETH reserves, excluding the known SBET address. The average acquisition price during this period was about $3,546, signaling large-scale strategic positioning.
Beyond market mood and accumulation, the altcoin has broken a historical supply record.
Another Milestone For Ethereum
As of August 9th, Ethereum’s circulating supply has reached a record 121 million ETH, as per network data shared by CryptoQuant. The milestone comes nearly three years after the network hit 120 million ETH on August 22, 2022, following a slow but consistent increase.
Ethereum currently issues around 2,500 to 3,000 ETH daily. While new ETH is minted daily, staking continues to play a significant role in shaping net supply growth.
Every ETH locked in staking contracts is temporarily effectively removed from circulation, which offsets a portion of new issuance and acts as a check on inflation. In total, ethereum has minted approximately 157.18 million ETH to date. This figure is achieved after combining the 121 million in circulation and over 36.18 million locked in staking.
The dual mechanism of issuance and staking-driven absorption creates a balance in the network’s monetary base. Although the deflationary narrative has softened for now, the long-term price impact will hinge on whether network activity can justify the growing supply.
If demand lags, inflationary pressure could weigh on valuation; if it matches or exceeds supply growth, the expansion may support continued price stability or appreciation.
