Ethereum News Today: Ethereum Surpasses $4,500 as Solana Hits $190 Amid Bitcoin Consolidation

Ethereum surpassed $4,500 on Tuesday, marking a significant milestone for the second-largest cryptocurrency by market capitalization, while Solana reached $190, reflecting strong performance amid Bitcoin's consolidation phase. According to CoinGecko data, Bitcoin had retreated from the $120,000 level to trade around $119,222 during the same period, suggesting a possible short-term correction after recent highs [1]. On OKX, Solana briefly traded at $191 before retreating slightly, yet both Ethereum and Solana demonstrated stronger price momentum than Bitcoin during the session [1].

Ethereum’s climb brings it closer to its all-time high of $4,878.26, set in November 2021 during the height of the DeFi and NFT boom. The price action has been supported by heavy buying from Ethereum treasury companies, which have accumulated over $9 billion in ETH since earlier this year. Geoffrey Kendrick of Standard Chartered noted that these firms are “just getting started” and could eventually hold as much as 10% of all ETH in existence [1]. BitMine, currently the largest Ethereum treasury holder with 1.15 million ETH, has also expanded its at-the-market equity program to $24.5 billion to fund further ETH purchases [1].

The resurgence of Ethereum has also been bolstered by growing interest in spot Ethereum ETFs. Over the last month, these products have added approximately $5 billion to their combined market cap, with total net inflows reaching $9.4 billion since their launch in July 2024. On Monday, daily net inflows surpassed $1 billion for the first time, setting a record for the ETH-linked ETF segment [1].

Meanwhile, Solana’s price surge followed a major development from one of its leading treasury investors, Upexi, which appointed Arthur Hayes—co-founder of BitMEX and a key market figure—to its crypto strategy advisory committee on August 12 [1]. The market reacted swiftly, with Solana futures open interest rising 1.97% to $10.18 billion intraday, crossing the $10 billion threshold for the first time this month. Futures volume increased 5.46% to $29.2 billion, and options open interest surged 27.88% to $12.81 million, according to Coinglass data, signaling fresh capital inflows into Solana’s markets [1].

The STH-NUPL on-chain metric for Solana stands at 0.093, indicating that many short-term holders are in a “hope/fear” zone, where selling to lock in profits becomes increasingly tempting [1]. This dynamic suggests that while the current rally is strong, market participants remain cautious about potential corrections. A Reddit user also noted that the $4,500 level for Ethereum could lead to increased liquidations, as traders defend or exit short positions [3].

While Ethereum and Solana continue to outperform Bitcoin in the short term, the broader market remains sensitive to macroeconomic developments and regulatory shifts. Bitcoin’s movements are being closely watched as a gauge of risk appetite, with further consolidation or breakouts likely to influence the performance of altcoins. The interplay between Bitcoin and smaller cryptocurrencies often serves as a barometer of investor sentiment and the overall health of the crypto market [1].

Source:

[1] Ethereum cracks $4500, Solana hits $190 as Bitcoin steps ... (https://www.cryptopolitan.com/ethereum-cracks-4500-solana-hits-190-as-bitcoin-steps-back-from-120000/)

[3] Daily General Discussion August 12, 2025 (https://www.reddit.com/r/ethereum/comments/1mnzr4n/daily_general_discussion_august_12_2025/)