The 11th anniversary of the Ethereum Network, the amount of pledges reaches a record high

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Ethereum Pledge reached a historical milestone on its 11th anniversary, with 40.2 million ETH locked on the Internet, while institutional purchases and whale activity have increased expectations that prices may rise. These latest developments have prompted market participants to assess whether the current momentum is a short-term enthusiasm around the anniversary or is a harbinger of a more lasting trend.

During the same period that BlackRock customers reduced their exposure to Bitcoin ETFs, they purchased more than $20 million worth of ETH, and the pledge participation rate climbed to an all-time high. ETH is currently trading at approximately US$1,900.60, down 0.45% in the past 24 hours, with a market value of US$229.34 billion and a 24-hour trading volume of US$11.52 billion.

What does the Ethereum Pledge reveal about Ethereum's latest milestone?

Ethereum Pledge is the process of locking ETH under its proof-of-stake consensus mechanism to help protect the network while earning pledge rewards. According to Bitwise data, the number of ETH pledged in the second quarter of 2026 reached an all-time high of 40.2 million. Ethereum Pledge hit a record high on the occasion of its 11th anniversary6 This accounts for approximately 33% of Ethereum's total supply and is worth more than US$63 billion. With a large number of ETH locked out rather than used for instant transactions, this record highlights the increasing participation of long-term holders and institutions as Ethereum celebrates its 11th anniversary.

Is the current momentum driven by short-term excitement or a long-term trend?

The anniversary has brought Ethereum into the spotlight, but the key question remains whether the recent event is a temporary surge in interest or the beginning of a broader market trend. Institutional purchases, record levels of pledge and increased online participation have combined to boost market sentiment. However, none of these developments confirms a subsequent increase. Although the anniversary is symbolic, its long-term significance will depend on whether demand and pledges continue to grow after the celebrations are over.

Why are institutional investors increasingly paying attention to Ethereum?

Institutional capital flows have become one of the most prominent themes of Ethereum's anniversary. Arkham's X post stated that BlackRock customers had a net outflow of more than $60 million from the company's IBIT Bitcoin ETF this week, while purchasing more than $20 million worth of ETH during the same period. Ethereum Pledge hits record high on 11th anniversary7 The contrast between the two capital flows has attracted attention and raised questions about whether some institutional investors are diverting funds from Bitcoin to Ethereum. Supporting this trend was a net inflow of $26.32 million in spot Ethereum ETFs, of which BlackRock's Ethereum fund attracted an additional $11.39 million. The broader trend suggests that some investors are reconfiguring exposure within digital assets rather than leaving the cryptocurrency market entirely.

What does whale activity reveal about investor sentiment?

The movement of large wallets has also sparked discussions around Ethereum's anniversary. Lookonchain's X post reported that wallet 0x2d59 took 40,000 ETH from Binanti, worth approximately US$76.58 million. Large withdrawals from exchanges are often interpreted as real-time trading of assets being moved out. However, the exact intentions of the wallet owner remain unknown. Such transfers may reflect long-term accumulation, internal wallet management or preparation for future transactions, making it difficult to draw clear conclusions from a single move. Ethereum pledge hits record high on 11th anniversary 8

How does rising online activity support Ethereum's prospects?

In addition to capital flows, Ethereum's basic network indicators also continue to increase. Bitwise reported that Ethereum generated approximately US$64 million in fee revenue in the second quarter of 2026, a year-on-year decrease of 51%, compared with approximately US$131 million in the same period last year. The decline reflects lower transaction costs due to increased network capacity, rather than weakening demand. Internet activity is in the opposite direction. Total transaction volume increased from 121.1 million to 203.9 million, and throughput increased from 15 transactions per second to 26 transactions. Bitwise said: "The divergence between revenue and activity was the theme of the quarter. Costs are down, but usage is up." The report also pointed out that network revenue denominated in ETH increased from 27,670 ETH in the first quarter of 2026 to 31,166 ETH in the second quarter. This suggests that the decline in dollar-denominated fee revenue was mainly affected by ETH market prices during the period, rather than a decrease in usage, with more transactions being processed at lower average costs. Ethereum pledge hits record high on its 11th anniversary 9

Why is Ethereum's 11th anniversary meaningful beyond celebration?

Ethereum's anniversary has prompted investors to focus on the long-term development of the network rather than short-term price fluctuations. ZebPay's Raj Karkara said: "Ethereum has evolved from an ambitious vision of a programmable blockchain to the foundation of a thriving digital ecosystem." He also said Ethereum's transition to proof-of-stake and continued scalability improvements "enhance the long-term sustainability of the network." To support community participation during the anniversary, SunCrypto launched an event from July 27 to July 31 to provide a 100% spot purchase fee refund for ETH/INR trading pairs, and eligible cash rebates are scheduled to arrive on August 1. Although the event marks an anniversary, the broader market impact will depend on whether network engagement and investor demand persist beyond the milestone.

Can reduced liquidity supply enhance Ethereum's long-term prospects?

Record Ethereum pledge levels have reduced Ethereum's liquidity supply, and the number of ETH used for instant transactions has dropped. Bitwise pointed out that institutions have driven the increase in pledge participation rates. Ethereum Pledge hits record high on its 11th anniversary, 10 the study added that if demand continues to grow over time, stronger network activity coupled with a smaller supply of liquidity may provide a more solid foundation for the long-term foundation. Ethereum also continues to maintain its position as the leading smart contract platform supporting decentralized finance, NFT and broader Web3 applications.

Conclusion

Ethereum pledges have reached a record 40.2 million ETH, while BlackRock customers have purchased more than US$20 million worth of ETH, and within a week of the network's 11th anniversary, a wallet has taken 40,000 ETH from Binanti. Together, these developments reflect stronger institutional engagement, growing long-term commitment, and continued online activity, but they do not guarantee immediate price increases. Only if pledge participation, institutional needs and on-chain activities continue after the celebration will the anniversary be more than a symbolic milestone. While current data supports a constructive market narrative, whether Ethereum Pledge ultimately drives continued gains will depend on how persistent these trends persist in the coming weeks.

Glossary

Ethereum Pledge: Lock in ETH to receive online rewards.
Proof of stake (PoS): A way to protect Ethereum by pledging ETH.
Verifier: The node that verifies Ethereum transactions.
Smart contract: an automated blockchain program.
On-chain activity: Transactions recorded on the blockchain.