ETH Breaks $4.2K, Whales Remain Bullish and Call ‘Higher’
Main Idea
Ethereum (ETH) has surged past $4,200, driven by retail enthusiasm and institutional accumulation, while its circulating supply reaches a record 121 million ETH.
Key Points
1. Ethereum (ETH) surpassed $4,200, sparking optimism on social media, though excessive FOMO was cautioned against by Santiment.
2. Institutional activity contributed significantly, with over 1.035 million ETH (worth ~$4.17B) accumulated since July 10, coinciding with a 45% price surge.
3. Ethereum's circulating supply hit a record 121 million ETH, nearly three years after reaching 120 million ETH in August 2022.
4. Approximately 157.18 million ETH has been minted to date, with over 36.18 million locked in staking.
5. The deflationary narrative is challenged by growing supply, with demand dynamics potentially impacting valuation.
Description
Ethereum (ETH) has surged past the $4,200 mark for the first time since December 2024. The latest milestone comes with a retail optimism, which is overshadowing bearish views. 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 ...
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