Ethereum Surges Past $2,500 on Record-Breaking ETF Inflows and Short Liquidations

Ethereum's price surged past $2,500 for the first time since mid-April, marking its strongest level in months. The second-largest cryptocurrency gained 8% on Friday and has now risen 26.4% over the last seven days.

The catalyst behind this rally is largely attributed to massive inflows of $512.4 million into US spot Ethereum exchange-traded funds (ETFs) over four consecutive days, with $220.7 million of that coming on Thursday alone.

Additionally, short position liquidations reached $1.69 billion over a three-day period, adding to the upward momentum as bears faced significant losses. The Coinbase Premium Index, which tracks price differentials between Coinbase Pro and Binance for ETH, has also shown an upward trajectory.