Ethereum surpassed $3,000 for the first time since February 2025, fueled by the largest single-day inflow into U.S. Ethereum ETFs, totaling $383.1 million. The cryptocurrency saw an 8.8% increase in value over 24 hours, leading to the liquidation of over $258 million worth of Ethereum shorts. While Ethereum is now significantly below its all-time high of $4,878 from November 2021, this price movement suggests a shift in market sentiment. Bitcoin also set new records, climbing past $116,000 and leading to $678 million worth of Bitcoin shorts being closed. In total, over $1.14 billion in short positions across the crypto market have been liquidated. Analysts indicate that the coordinated price movements of Bitcoin and Ethereum reflect growing risk appetite among traders, hinting at a possible broader market recovery. Other cryptocurrencies, including XRP, Dogecoin, and Cardano, have also experienced gains, contributing to a 2.4% overall increase in the crypto market.

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