Ethereum Rockets to $2,375 on Macro Catalysts and Short Squeeze

Ethereum's price surged by 5.38% over the past 24 hours to $2,375 on Thursday, outperforming the broader market. The rally was driven primarily by a powerful macro catalyst and a massive short squeeze.

The US Treasury's August 19 announcement to double long-term bond buybacks pushed yields lower and weakened the dollar, creating a favourable backdrop for risk assets like crypto. This move was amplified by President Trump's supportive statements at a White House crypto summit, boosting regulatory optimism.

The sharp price surge triggered a cascade of liquidations, wiping out over $3 billion in crypto shorts in 24 hours, the largest event of 2026. Ethereum shorts accounted for about $1.73 billion of this.