Eric Trump celebrated today in X the strong rebound of Ethereum. He stated that it was a moment of laughter to see short sellers exit their positions.
It is worth noting that, according to Lookonchain data, a high-profile trader suffered losses of over $15 million when the price of Ethereum exceeded $4,200, leading to the total liquidation of his positions. CoinGlass figures showed that over $120 million in short positions were lost in just 24 hours.
This sudden increase in Ethereum occurred after corporate treasuries accumulated the token in large quantities. Publicly traded companies hold over $11.7 billion in ETH. BitMine Immersion Technologies leads the group with 833,000 ETH valued at approximately $3.2 billion, aiming to control 5% of the entire circulating supply.
This is not the first time Eric has shared his bullish outlook and is very outspoken about his cryptocurrency predictions, especially regarding Ethereum. During the recent cryptocurrency market downturn, he advised his followers to buy during the dip, especially Ethereum.
According to CoinMarketCap data, Ethereum has risen 8% in the last 24 hours, surpassing Bitcoin's 1.19%. This movement extends a monthly rebound of 49% driven by changing supply dynamics.
Spot Ethereum ETFs in the U.S. recorded inflows of $864 million on August 9, the largest daily peak since July. BlackRock's ETHA ETF alone attracted nearly $189 million.
SharpLink Gaming closely follows with holdings valued at $2 billion, while Ether Machine holds 345,000 ETH. Cosmos Health, which is listed on Nasdaq, also recently announced a $300 million financing deal to initiate an Ethereum treasury strategy, a move that Geoffrey Kendrick of Standard Chartered describes as a 'regulatory arbitrage' advantage for investors.
Large investors, or 'mega whales', added 2.1 million ETH to their portfolios in July. With 28% of all ETH staked and ETFs locking up even more, the available supply in the market is decreasing. From a chart analyst's perspective, Ethereum's breakout from a multi-month symmetrical triangle pattern is a bullish signal. Cryptocurrency analyst MMCrypto noted that a weekly close above key resistance could trigger a 'monumental vertical movement', potentially reducing Bitcoin's dominance in the short term.
