Ethereum's price surged nearly 18% in a sharp breakout, briefly reaching close to $2,300 after weeks of trading sideways around $1,800-$1,950.
The rally was driven by the US Treasury doubling its buyback operations for long-term government debt, which lowered yields and boosted risk assets including crypto.
This move triggered $1.1 billion in ETH liquidations, mostly from short sellers covering positions.
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