Ethereum Blasts Past $2,500 on Institutional Frenzy
Ethereum (ETH) has broken through the $2,500 barrier, marking its strongest price level since January. This significant milestone was fueled by substantial institutional capital inflows and a dramatic squeeze on bearish positions.
The upward momentum was driven by investment into US-based spot Ethereum exchange-traded funds (ETFs), which reached $697 million throughout the previous week. BlackRock's Ethereum ETF has emerged as the dominant player in the space, commanding $7.8 billion in total assets under management.
The short squeeze that materialized earlier in the week contributed to a staggering $1.69 billion in total short liquidations spanning just three days. Market sentiment shifted noticeably bullish, with the Crypto Fear and Greed Index climbing to 76, firmly within greed territory.