ETH Surges 5.66% on Macro Shock and Short Squeeze

Ethereum's price surged by 5.66% over the last hour due to a combination of macroeconomic and technical factors.

The move coincided with a US Treasury announcement that it would double its planned buybacks for long-term government debt, effectively lowering yields on these securities and triggering a risk-on push across global markets.

BTC's price rose from near $64,100 to above $69,000 in the same timeframe, while Ethereum broke through the key $2,000 resistance zone, reaching as high as $2,100.

A significant short squeeze occurred in both BTC and ETH derivatives, with over $1.2 billion in liquidations taking place within an hour, mostly from shorts, which mechanically forced buying into thin order books and accelerated the price move.