The Ethereum price rally today is caused by a huge short squeeze, institutional buying, ETF futures activities and positive expectations regarding ETH staking for spot ETFs.
A similar setup occurred before the April 2025 Ethereum price bottom. The record short exposure has now triggered a forced wave of buying as traders close losing positions.
Supporting this, institutional activity around Ethereum has surged. BitMine, a company backed by billionaire Peter Thiel, recently launched with a $500 million Ethereum treasury strategy.
Whales are also quietly buying. Sharplink Gaming revealed it now holds over 280,000 ETH, surpassing the Ethereum Foundation’s treasury. Several large ETH transfers between exchanges and cold wallets have been detected in recent days. Their actions indicate further institutional positioning, and also helps boost the Ethereum price.