Ethereum is riding a powerful rally that has pushed prices to their highest level since 2021 and set the stage for a potential run toward $6,800.

Ethereum breaks out: ETFs, DeFi, golden cross fuel $6,800 bull case

Hines said he is leaving the crypto advisory group to rejoin the private 
sector but will continue to support the cryptocurrency industry.

Bo Hines, director of the White House crypto advisory group, steps down.

Eric Trump mocked traders who were shorting ethereum as the cryptocurrency’s 
rally led to over $173 million in short contract losses. ETH Rally Obliterates 
Short Contracts On Aug. 8, Trump Organization Vice President Eric Trump mocked 
traders who were shorting Ethereum ( ETH) after the digital asset’s rally 
obliterated more than $173 million in short […]

ETH Rally Wipes Out $173M in Shorts—Eric Trump Says it Puts a ‘Smile on My Face’

The cypherpunk ethos is retreating from the limelight, as institutions and 
centralized players take center stage, driving new narratives.

Institutions dominating mainstream crypto narratives — fintech exec

The Chainlink (LINK) market has registered strong bullish action in recent 
days amidst a general market rebound. Data from CoinMarketCap reports that 
LINK’s price has increased by 29.75% in the past week, allowing the altcoin to 
emerge as one of the top market gainers in this period. Interestingly, 
prominent market analyst Ali Martinez has identified another encouraging trend 
underneath this positive price action. Related Reading: Chainlink Acknowledged 
By The White House As Key Player In Crypto Infrastructure Chainlink Whale 
Activity Surges With 8.10 Million LINK Purchase In an X post on August 8, Ali 
Martinez reports a major rise in whale accumulation on the Chainlink network. 
Notably, these investors holding between 100,000 and 1,000,000 LINK tokens 
have collectively added 8.10 million LINK, valued at more than $150 million, 
to their wallets over the last two weeks. Generally, such a surge in 
accumulation, particularly among existing large holders, often signals strong 
confidence in the market. Historically, elevated whale activity has preceded 
major price movements, either fueling bullish momentum or marking key 
distribution zones. In the case of Chainlink, this reported accumulation is 
highly peculiar as chart data indicates that accumulation accelerated during 
the late-July crypto market correction, when LINK traded below $15, and 
persisted even as prices rebounded above $20. This pattern suggests that 
institutional or high-net-worth investors continue to anticipate further price 
appreciations on LINK despite recent gains. Related Reading: This XRP Signal 
Consistently Foreshadows Price Jumps: Analytics Firm LINK Heading To $23? In 
other news, another popular X analytics page with the username 
MoreCryptoOnline shares an interesting insight on Chainlink’s potential price 
action, referencing key support and resistance levels. In an X post on August 
8, these analysts show that LINK is approaching a potential breakout zone. 
After completing what appears to be the third wave of a five-wave Elliott Wave 
sequence, the altcoin now targets the $21.07–$22.65 range, corresponding to 
the 50% and 61.8% Fibonacci extension levels. However, MoreCryptoOnline 
emphasizes the importance of the $17.83–$18.87 support zone, derived from the 
Fibonacci retracement of the current impulse to the proposed bullish sequence. 
They explain that holding this support level would validate wave 4 as a 
corrective structure and pave the way for a final push toward $23, or even the 
78.6% Fibonacci level near $25.12, as wave 5 completes. At press time, LINK 
trades at $20.80 after gaining by 9.58% in the past 24 hours. However, the 
asset’s market daily trading volume is down by 2.73% reflecting a minor 
decline in market activity. Meanwhile, with a market cap of $13.89 billion, 
Chainlink ranks as the $13th largest cryptocurrency. Featured image from 
Pexels, chart from Tradingview

Chainlink Whales Scoop Up $150 Million LINK In Two Weeks – More Gains Ahead?

Crypto funding in the week of Aug. 3-9 pulled in $1.46 billion across 18 
projects, with institutional heavyweights pouring record sums into blockchain, 
AI, and payments infrastructure. Leading the pack, TON ecosystem player Verb 
Technology, while Ripple’s $200 million acquisition…