Ethereum Soars Above $2.74K Amidst Bitcoin-Driven Crypto Rally

Ethereum's price surged to over $2.74K on Monday, as it closely tracked a broader market rally driven by Bitcoin's short squeeze and record inflows into institutional ETFs.

The move was ignited by Bitcoin's breakout past $85,000, which triggered a massive wave of short liquidations, over $648 million across the market in 24 hours, including $157.97 million in Ethereum shorts.

Ethereum's rise was less about its own catalysts and more about capital flooding into crypto via Bitcoin, creating a rising-tide-lifts-all-boats effect amplified by forced buying from liquidated shorts.

The underlying demand for Ethereum strengthened its rally. Data shows that the monthly average of ETH withdrawal transactions from Binance exceeded 90,000, the highest level in three years.