$ETH entered near 27% over a week and rose to the $2.4k area. But what’s more interesting than the number itself is what was happening under the surface.
On August 20, U.S. spot Ethereum ETFs saw $220.8 million in net inflows. This is the largest one-day result over 203 trading sessions—the prior record was in October 2025.
At the same time, the derivatives market went through a massive wave of short liquidations. For ETH alone, according to various estimates, it’s in the hundreds of millions of dollars, and in one of the largest episodes a position of nearly $24 million was liquidated in just 12 seconds.
But I wouldn’t call ETF inflows or liquidations the only reason for the rally. It’s more like several factors stacked on top of each other.
In moves like this, I’m more interested not in how beautifully the chart flies, but in who exactly is forced to buy at this moment. Because voluntary demand and forced short closures are two very different stories. If you want to break them down without the magical “the market will definitely go further,” subscribe to @MoonMan567
On August 20, U.S. spot Ethereum ETFs saw $220.8 million in net inflows. This is the largest one-day result over 203 trading sessions—the prior record was in October 2025.
At the same time, the derivatives market went through a massive wave of short liquidations. For ETH alone, according to various estimates, it’s in the hundreds of millions of dollars, and in one of the largest episodes a position of nearly $24 million was liquidated in just 12 seconds.
But I wouldn’t call ETF inflows or liquidations the only reason for the rally. It’s more like several factors stacked on top of each other.
In moves like this, I’m more interested not in how beautifully the chart flies, but in who exactly is forced to buy at this moment. Because voluntary demand and forced short closures are two very different stories. If you want to break them down without the magical “the market will definitely go further,” subscribe to @MoonMan567
