In the early Asian session, Ethereum broke $4600, reaching a three-year high, while Bitcoin approached $120,000, with institutional capital igniting a crypto frenzy. Ethereum surged 228% over four months (from $1385 in April to $4640), combined with rising U.S. stocks, igniting a 'frenzied bull market'.
Institutions are aggressively increasing holdings (BitMine plans to raise $20 billion to increase ETH holdings, total funds reaching $24.5 billion; SharpLink increased holdings by $23.1 million in a single day), shorts are being liquidated severely (24-hour total liquidation across the network $474 million, short positions account for $344 million), the crypto market has entered a new phase of 'institution-led, Ethereum leading'.
Ethereum: Institution-driven surge
1. BitMine's big moves
Submitted documents to the SEC, planning to increase ETH holdings by $20 billion, total disposable funds reaching $24.5 billion; after completion, holdings will account for nearly 5% of ETH circulation, driving its stock price up 5.6% in a single day, over 600% increase within the year.
2. Three major drivers of the rise
Institutional funds pouring in: U.S. spot ETH ETF has seen net inflows for 14 consecutive weeks, totaling over $25.7 billion, with a single day exceeding $1 billion; 85 U.S. companies have included ETH in their assets, increasing their holding ratio from 0.7% to 1.9%.
Shorts are being wiped out: In 24 hours, ETH short positions liquidated $262 million (accounting for 76% of total short liquidations), forming a cycle of 'rise - short squeeze - further rise'.
Capital migration: ETH/BTC exchange rate recovering, clear trend of funds shifting from Bitcoin to altcoins.
Bitcoin: Building momentum at high levels to reach new highs
Bitcoin firmly holds $120,000, only 2% away from the historical high in December 2024 ($123,200). Looking at the daily chart, the 20-day and 50-day moving averages provide support, and breaking $123,200 could lead to a surge to $135,000; on the 4-hour chart, it operates within an ascending channel, stabilizing at key positions may accelerate the rise.
Altcoins explode: Multiple currencies break through
BNB: Consolidating in the $792-$827 range, breaking $827 may lead to $861-$900, with the 20-day moving average ($787) as support.
LINK: Accelerating after breaking $22.7, target $27-30, $20.83 as the dividing line between bulls and bears.
UNI: The 50-day moving average ($9.05) provides strong support, breaking $12 targets $15, with the 20-day moving average ($10.19) preventing a pullback.
