My people! What's up, friends! Prepare the coffee maker and get comfortable because I bring you the hot gossip about Ethereum (ETH) that is on fire 🔥. After a long time when it seemed like things were more stuck than a traffic jam at rush hour, ETH released the brake and shot up like a rocket out of control! 🚀

It turns out that ETH surpassed $2,590 and at the time of writing this, it was already around $2,600, a spike of 6.3% in just one day! But why this crazy jump? Well, look, this comes from weeks of signals that the experts, you know, those who are sharp with these things, were already seeing.

Imagine that in June, people started buying ETH as if there were no tomorrow. More than 6 million ETH were added to wallets that are not from those big exchanges, bringing the total number of accumulation addresses to over 22 and a half million! 🤯 And as if that weren't enough, liquid staking (which is like putting your money to work so it makes you more money) reached a record of over 35 million ETH. That's a lot of green money put in there! 🤑

This means that both the big investors, the ones called 'whales' 🐳, and the smaller ones, like us on the street, have come to an agreement and are thinking long-term. It's as if they say: 'This thing is going up, and we're going to ride the wave.' The data shows that buyers are aggressive, paying whatever it takes to grab their piece of ETH, and that is a sign of real optimism!

Now, things get interesting because open interest (which is like the number of bets in the market) also shot up by 10.47%, reaching $19.27 billion. This means that more people are putting in money with the conviction that ETH will keep rising. When you see the price going up and the bets also rising, it means new money is coming in and that gives more momentum to the increase. But beware, when there's a lot of leverage, if things turn around, there could be a tsunami of liquidations! 🌊

That said, not everything is rosy. Some experts are raising their eyebrows because the network value (NVT) and the Stock-to-Flow ratio soared. This could mean that the price of ETH is rising faster than the actual activity on the network, meaning it might be a little overvalued. It's like when you buy a car because it's scarce, but you don't really use it that much. So, even if there's scarcity, if people don't actually use it, the value might not hold. We need to be careful with that! 👀

And the coolest thing about all this is that, apparently, this rise in ETH dealt a low blow to those who were betting on the decline (the 'shorts'). A lot of liquidations were triggered below $2,500, causing their bets to close with losses and giving more strength to the bullish momentum. So those who were against it are now suffering! 😂

In summary, my people, the situation with Ethereum is hot. A lot of people are putting in money, the numbers look good, and those who were betting against it are sweating bullets. If things continue like this and people start using the network more, we could see ETH at heights we never imagined! So keep a close eye on this saga because it promises.