Ethereum Surpasses $3,000 for First Time Since February, Over $1.14 Billion in Shorts Liquidated Across Market
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The price of Ethereum (ETH) surged above $3,000 on Friday morning, marking a five-month high and cementing the impressive rally in the cryptocurrency market. The bullish momentum came after U.S.-based Ethereum ETFs recorded their highest daily inflows ever, with a total value of $383.1 million in a single day, according to data from Farside.
Over $1.14 Billion in Shorts Liquidated
As ETH prices surged, the derivatives market reacted with a vengeance. Over $258 million in Ethereum shorts were liquidated in the past 24 hours, according to data from CoinGlass. Meanwhile, Bitcoin (BTC) hit a new high of $118,667, triggering $678 million in short liquidations. In total, the crypto market saw over $1.14 billion in sell orders “rekt” in a single day, as the price spike left many traders betting against the trend with heavy losses.
Ethereum surges amid market skepticism
ETH’s bullish performance has come as a surprise to many traders and investors. Earlier in July, data from prediction market Myriad Market showed that the majority of participants believed ETH would fall to $2,000 before it had a chance to hit $3,000. However, by July 11, these predictions had completely reversed, with the probability of hitting $3,000 rising to 100% on Friday morning.
This is the first time ETH has crossed the psychologically important $3,000 level since February 2025. However, the coin is still 38% lower than its all-time high of $4,878 set in November 2021.
Strong institutional inflows, derivatives market boom
Not only increasing in price on the spot market, Ethereum also surpassed Bitcoin in futures contract volume with a total value of $62.1 billion, according to Pankaj Balani, CEO of Delta Exchange. This is a sign that traders are increasingly interested in ETH derivatives products, while also showing a greater risk appetite for this asset.
SharpLink Gaming, a listed company that holds Ethereum as part of its corporate treasury, has also increased its ETH holdings over the past week. As of Friday, the company was holding 205,634 ETH, worth more than $618 million, up 17% from the beginning of the week.
Bitcoin also hits new high, overall market recovers
Along with Ethereum, Bitcoin continues to play the leading role when reaching a new historical peak at $118,667. Previously, BTC surpassed the $116,000 mark for the first time on Thursday, after weeks of accumulation around the $112,000 mark.
According to Myriad Market, 67.5% of users currently believe that Bitcoin will reach $125,000 before falling to $105,000, indicating that bullish expectations continue to dominate market sentiment.
Altcoins recover simultaneously, total capitalization increases by 2.4%
Not only ETH and BTC, the altcoin market also increased in the weekend session. XRP increased by 8.6%, Dogecoin jumped by 10.2% and Cardano recorded an impressive increase of 15.8%. According to CoinGecko, the total cryptocurrency market capitalization has increased by 2.4% in the past 24 hours, reflecting a recovery that is spreading across the ecosystem.
Positive signals from both Bitcoin and Ethereum
Raj Karkara, CEO of ZebPay, commented that the consensus in the price increase between Bitcoin and Ethereum is a positive sign. “This is not just a Bitcoin-led rally. Ethereum is showing its strength independently, driving optimism across the entire market. This lays the foundation for a deeper adoption of cryptocurrencies in the global financial system.”
Conclusion: Sustainable price increase or short-lived?
Despite the bullish sentiment, analysts warn that hot rallies can be accompanied by high volatility. Institutional and ETF inflows into ETH are the real drivers, but we also need to watch the technical indicators and the reaction from the next resistance zone around $3,200-3,400.
If Ethereum can stay above $3,000 in the next few days, it will be an important foundation for a new growth cycle. Conversely, strong profit-taking after the breakout could cause a short-term correction.
The market is entering a pivotal phase, and the price action of Bitcoin and Ethereum will continue to be a key indicator for the crypto landscape in the coming weeks.