Ethereum's price surge to an all-time high is bringing a new wave of bullish energy to the market, and Eric Trump is making sure traders know it. He’s telling anyone shorting Bitcoin or Ethereum that they might be stepping into a trap — and the last 24 hours have given him plenty of evidence.
On X, Trump has not hidden his satisfaction at seeing short sellers being squeezed. It's not just retail traders — on-chain detectives at Lookonchain discovered a major trader lost over $15 million when ETH surpassed the $4,200 mark, liquidating his entire position. According to CoinGlass, over $120 million in ETH short orders were wiped out in just one day.
Corporate Treasury and Institutional FOMO
A large part of this price increase comes from public companies rushing to buy Ethereum. The total value of ETH holdings by companies has now reached over $11.7 billion. BitMine Immersion Technologies alone holds 833,000 ETH — about $3.2 billion — with the goal of controlling 5% of the circulating supply.
This is not the first time Eric Trump has sided with the bulls. Even during dips, he has advised traders to buy ETH, and right now, that advice seems quite accurate. Over the past month, Ethereum has risen 49%, including an 8% increase just yesterday, easily surpassing Bitcoin's 1.19% gain.
ETF, Whales, and Shrinking Supply
U.S. spot ETH ETFs just had their largest trading day since July, bringing in $864 million on August 9. BlackRock's ETHA ETF led with $189 million. And it's not just institutions - large 'whales' accumulated 2.1 million ETH in July. With 28% of ETH being staked and rising ETF demand, the trading supply is becoming increasingly tight week by week.
Other large holders are also taking action: SharpLink Gaming currently holds $2 billion in ETH, Ether Machine holds 345,000 ETH, and Nasdaq-listed Cosmos Health is building a $300 million ETH treasury to position strategically.
Technical Indicators Show a Larger Move
On the charts, ETH has broken out of a multi-month symmetrical triangle pattern - a pattern that traders are eager to see before strong price increases. Analyst MMCrypto suggests that closing the week above a key resistance level could create a vertical price push and even weaken Bitcoin's dominance in the short term.
With the supply shrinking, whale demand is rising sharply, and corporate treasury bonds are flooding in, the current situation feels like something bigger is happening. Whether ETH breaks through resistance or consolidates first, the market seems poised for even more volatility — and it could be even more painful for anyone betting against it.