Institutional Funds and Listed Companies Surge to Buy and Pledge, Ethereum Price Breaks $4,300, Once Again Challenging Historical Highs
(Background: Ethereum’s market capitalization once surpassed that of Mastercard and Netflix, knocking on the door of the global top 25 assets)
(Supplementary Background: Ethereum rises above $4,300 with a 7% surge; how far is it from its historical high?)
The cryptocurrency market is once again stirring. According to Coingecko’s report on the 10th, the latest price of Ether (ETH) is $4,322, firmly sitting above $4,300. The driving force comes from the series of actions by on-chain whales and listed companies, subtly rewriting the structure of market liquidity.
On-chain Whales: $210 Million Buying Spree Kicks Off
The on-chain monitoring platform Onchain Lens recorded that a whale, through institutional accounts such as Galaxy Digital and FalconX, abruptly increased its holdings by 49,533 ETH, valued at approximately $210 million, raising its total holdings to 221,166 ETH, equivalent to nearly $1 billion. More importantly, this is not an isolated case. The platform noted that institutions collectively acquired over 100,000 ETH in early August, amounting to about $361 million, indicating that institutional buying is replacing retail speculation, forming sustained buying pressure.
SharpLink: Pledging ETH as Treasury Stock
On another front, the actions of the tech company SharpLink (SBET) are more strategically significant. The company completed a $200 million capital increase on August 7, and according to monitoring by Yuji, it is suspected that today it converted this into 52,809 ETH (approximately $220 million), all of which were pledged. Currently, SharpLink holds 621,000 ETH, valued at about $2.65 billion, with an average holding price of $3,226. Large-scale pledging not only creates additional revenue for the company but also locks in circulating chips, directly alleviating market selling pressure, becoming the “steel beam” for ETH price.
ETF Entry and Rebalancing: Supply Shock Intensifies
Despite Galaxy Digital reducing its ETH holdings in its own account from 155,000 to 90,500 in the second quarter and increasing its Bitcoin holdings by 4,272, reflecting a rebalancing of asset allocation, these chips were quickly absorbed by other institutions. Large transactions facilitated by liquidity provider FalconX made the large turnover process nearly price-neutral. Notably, the spot ETH ETF recently attracted over $2 billion in a single week, continuing to amplify the “supply shock.”
In summary of the above capital trends, Ethereum stands at the $4,300 mark, with whale buying reducing market selling pressure, and SharpLink’s locked positions writing a new paradigm for corporate treasuries. ETFs are transforming scattered demand into stable channels for absorbing spot assets. Together, these forces are pushing ETH from a “speculative target” to a “strategic asset.”
In the future, if the proportion of institutional allocation continues to increase, coupled with deepening blockchain application scenarios, ETH has the opportunity to challenge higher target prices. However, investors still need to pay attention to the macro interest rate environment and the pace of institutional rebalancing, as a similar scale of reduction could also lead to sudden pullbacks. Understanding the sources of capital and the structure of locked positions will be key to assessing ETH’s next move.
Related Reports
Ethereum Surges to $4,200! Arthur Hayes Vows: I Will Never Take Profits Again
Ethereum Foundation Donates Another $500,000 to Tornado Founder; Bankless: What About the Solana Community?
Vitalik Buterin Calls for Ethereum to Abandon Optimistic: “ZK is the Official Choice,” Is it Vision or a Dictatorship that Stifles the Ecosystem?