Ethereum Shorts Rekt as ETH Tops $4,500 for First Time Since 2021
Main Idea
Ethereum (ETH) has experienced a significant price surge, with a 26% increase over the past week and over 50% in the last 30 days, driven by strong ETF inflows and institutional interest, while Bitcoin's gains have been more modest.
Key Points
1. Ethereum's price surged by 26% in the past week and over 50% in the last 30 days, while Bitcoin saw only a 6% weekly increase and remained flat over the month.
2. Over $104 million worth of ETH short positions were liquidated in 24 hours, contributing to $154 million in total Ethereum liquidations.
3. BlackRock’s iShares Ethereum Trust ETF (ETHA) accounted for nearly 63% of the $1 billion+ net inflows into ETH, surpassing Bitcoin's $170 million inflows.
4. BitMine Immersion increased its ETH fundraising target by $20 billion, aiming for a total of $24.5 billion, while SharpLink Gaming added nearly $900 million in funding.
5. Ethereum open interest surged to nearly $60 billion as ETH approached its all-time high of $4,878, with current prices at $4,289.
6. U.S. inflation cooled to 2.7% in July, contributing to positive momentum for Bitcoin and Ethereum.
Description
The price of Ethereum has skyrocketed by 26% this week alone, with short traders feeling the pain Tuesday following the latest leg up.
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