Ethereum (ETH) has broken through $4,200 (approximately 58.38 million won) for the first time since December 2024, signaling the beginning of a bull market. The price surge is driven by a combination of retail investor expectations, large-scale institutional purchases, and increased supply. Social media platforms are also showing a surge of positive hashtags like #higher and #bullish, dominating the overall market sentiment.
So-called 'whale addresses' have also contributed to this upward trend. Blockchain analyst EmberCN analyzed that from July 10th, unidentified whales have purchased approximately 10,350 ETH. Their average purchase price is around $3,546 (approximately 49.33 million won), with a total purchase amount of about $4.17 billion (approximately 5.7963 trillion won). These purchases were made on exchange and institutional platforms, with some estimated to be held by US-listed companies.
While institutional investment played a crucial role in this rise, individual market sentiment took the lead. On-chain analysis platform Santiment warned that excessive buying expectations (FOMO) could be a short-term risk factor. In fact, positive posts significantly outnumber negative posts, creating an unbalanced situation.
Another background for Ethereum's sharp increase is the increase in circulation. According to CryptoQuant, Ethereum's net circulation as of August 9th, 2025, is 121 million ETH, an all-time high. This is a new milestone reached approximately three years after surpassing 120 million on August 22nd, 2022. The network is issuing an average of 2,500-3,000 ETH daily, with a significant portion being locked through staking.
The total issued ETH is estimated at approximately 157.18 million. Of this, 36.18 million are locked in staking contracts, with the remaining 121 million in circulation. A dual mechanism of new issuance and staking absorption is regulating the currency supply. While the deflationary narrative Ethereum once emphasized has recently been diluted, it could help maintain price stability in the long term if demand increases.
Meanwhile, Trump indirectly celebrated the recent Ethereum surge through social media. He left a message on the platform indicating that "America is ready" for the positive market trend, once again showing a pro-crypto stance. The changing political atmosphere is also emerging as a crucial variable in determining long-term market trends.
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