ETH Surges 5.4% as Record $50B Open Interest and U.S. Stablecoin Law Drive Bullish Momentum

Ethereum (ETH/USDT) has experienced a 5.40% price increase over the past 24 hours, with the current price at $3,736.33 on Binance. This upward movement is primarily attributed to a significant short squeeze, record-high open interest exceeding $50 billion, and increased institutional inflows, including notable holdings by BitMine Immersion and Bit Digital. The broader crypto market has also been buoyed by the passage of the GENIUS Act in the United States, which establishes a federal regulatory framework for stablecoins and may impact Ethereum due to its role in DeFi and stablecoin infrastructure. Additionally, positive sentiment is supported by strong ETF inflows and announcements from major institutions like Charles Schwab planning to offer spot trading for Ethereum. Over the last 24 hours, Ethereum traded between $3,526.44 and $3,766.45, with a 24-hour trading volume of $39.68 billion and a market capitalization of approximately $450.95 billion, reflecting robust market activity and continued bullish sentiment.