Ethereum has reached a historic milestone, surpassing Mastercard and even Netflix in market capitalization, while on-chain data reveals massive whale accumulation worth billions of dollars. These combined forces are fueling a powerful rally and reshaping the crypto market’s perception of ETH.
Ethereum Surpasses Mastercard and Netflix in Market Cap
Ethereum’s market capitalization has surged to approximately $519.27 billion, narrowly surpassing Mastercard’s $519.19 billion and Netflix’s $514.85 billion. This places ETH among the top 25 global assets by valuation and reflects a remarkable 26% growth in just seven days.
Analysts attribute this jump to expanding institutional participation, increased adoption of Ethereum-based applications in DeFi and NFTs, and the momentum sparked by the recent price breakout above $4,000.
Billions in Whale Accumulation Since Early July
On-chain analytics from @EmberCN indicate that whales have acquired over 1.035 million ETH approximately $4.17 billion since July 10. These purchases are spread across multiple high-value addresses, suggesting accumulation by both individual whales and institutional entities.
Today’s activity highlights the trend:
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One address withdrew 17,655 ETH (about $72.7 million) from exchanges.
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Another purchased 8,109 ETH (around $34 million USDT) at an average price of $4,193.
Such large-scale withdrawals reduce the circulating supply on exchanges, potentially intensifying upward price pressure.
Strategic Implications for Ethereum’s Market Position
The combination of a record-breaking market cap and aggressive whale accumulation sends a strong signal of institutional confidence. With less ETH available on exchanges, the market may face supply constraints that could amplify volatility especially if demand remains strong.
While short-term pullbacks are possible, the current fundamentals and on-chain trends suggest Ethereum’s upward momentum could test higher resistance levels, including $4,500 and beyond, in the weeks ahead.
