Ethereum’s [ETH] supply has topped 121 million ETH, but the bigger story may be the one that you’re not seeing.

Six fresh wallets have amassed $667 million worth of ETH from major exchanges – just as prices pushed past $4,000 and short sellers faced their biggest wipeout in months.

What’s going on with the king altcoin?

ETH surges past $4K as bulls crush shorts

Ethereum surged past $4,000 today, triggering its largest short liquidation in months – a move Eric Trump celebrated on X, warning against betting against BTC and ETH.

Source: X

The daily chart showed strong bullish momentum, with ETH closing at $4,196, at press time. RSI climbed above 72, a sign of overbought conditions.

Source: TradingView

At the time of writing, the MACD histogram was widening, indicating sustained buying pressure.

The market sentiment has turned decisively bullish, driven by consecutive green candles and increased whale accumulation. 

However, traders should remain cautious of potential pullbacks if profit-taking begins at these higher price levels.

ETH supply hits $121M

Ethereum’s circulating supply has officially crossed the 121 million mark, a milestone reached nearly three years after hitting 120 million in August 2022, according to CryptoQuant data.

Source: CryptoQuant

The network currently mints between 2,500 and 3,000 ETH daily, but staking activity continues to offset a portion of this issuance, with over 36.18 million ETH locked.

Source: CryptoQuant

Staking withdrawals influence ETH’s inflation profile by easing the effects of increased circulation.

Although the recent rise in supply challenges the deflationary narrative, overall network demand and staking participation remain key factors in determining whether this expansion will support or weigh on ETH’s price.

Whale accumulation intensifies with $667M ETH buy

On-chain sleuths at Lookonchain have reported that a mysterious institution has stepped up its Ethereum accumulation spree.

In just two hours, the entity created a fresh wallet and received 10,396 ETH ($40.6 million) from FalconX.

Source: X

This comes on top of a four-day buying blitz that saw six new wallets amass 171,015 ETH ($667 million) from FalconX, Galaxy Digital, and BitGo.

The aggressive OTC inflows suggest a strategic long-term position rather than short-term speculation.