$ETH has ripped higher by nearly 20 percent over the past two days, climbing from the low $1,900s to briefly touch above $2,300 and adding roughly $47B in market value.
The move has clearly outpaced Bitcoin’s more modest double-digit advance in the same window, with ETH now trading in the $2,280 to $2,300 range.The immediate spark came from the U.S. Treasury’s decision to at least double the size of its long-term bond buybacks, raising the maximum from $2B to $4B or more per operation starting in September.
That shift improved liquidity expectations, pushed longer-dated yields lower, and sent fresh capital flowing into risk assets across the board, including crypto.Once the price started moving, a cascade of short liquidations took over.
Roughly $1.1 billion in Ethereum shorts alone were forced to cover, contributing to nearly $3 billion in total crypto liquidations. Thin order books on exchanges amplified the squeeze because large amounts of #ETH have already migrated off exchanges into staking contracts and Layer-2 networks, leaving less readily available supply for sellers. #Ethereum
The move has clearly outpaced Bitcoin’s more modest double-digit advance in the same window, with ETH now trading in the $2,280 to $2,300 range.The immediate spark came from the U.S. Treasury’s decision to at least double the size of its long-term bond buybacks, raising the maximum from $2B to $4B or more per operation starting in September.
That shift improved liquidity expectations, pushed longer-dated yields lower, and sent fresh capital flowing into risk assets across the board, including crypto.Once the price started moving, a cascade of short liquidations took over.
Roughly $1.1 billion in Ethereum shorts alone were forced to cover, contributing to nearly $3 billion in total crypto liquidations. Thin order books on exchanges amplified the squeeze because large amounts of #ETH have already migrated off exchanges into staking contracts and Layer-2 networks, leaving less readily available supply for sellers. #Ethereum