Bitcoin Surges Past $100,000, While Ethereum Performs Even Stronger in the Past 24 Hours
As Bitcoin once again climbs above $100,000, Ethereum has shown even more strength in the past 24 hours, with ETH breaking through $2,450, reaching its highest point in two months.
(Background: Flash News – Bitcoin Breaks Through $100,000! Trump Challenges Fed ### “No Rate Cuts”)
(Context: Arthur Hayes Predicts Bitcoin Will Reach $150,000 by the End of the Month! Heading Towards $1 Million by 2028, U.S. Treasury Leading Global Liquidity)
Encouraged by Trump’s announcement of a trade tariff agreement with the UK and the upcoming US-China talks in Switzerland, Bitcoin surged to $104,000 this morning, marking a three-month high and driving the overall cryptocurrency market upward.
In this wave of rebound, Ethereum (ETH), which recently completed its Pectra upgrade, has performed exceptionally well. In the past 24 hours, ETH has risen over 20%. Shortly after 2 PM, it initiated a new round of rally, reaching $2,459 at one point, rebounding 75% from its early April low.
As the second-largest token by market capitalization in the cryptocurrency market, the magnitude of this increase raises questions about whether it was merely a correction from previous losses or if the upgrade has truly provided significant momentum.
ETH Short Sellers Suffer Major Liquidations
It is certain that Ethereum’s short sellers have contributed significantly to the market dynamics. According to Coinglass data, in the past four hours, $75.13 million in ETH positions were liquidated, which is 265% of the same period for BTC, indicating that many investors shorting ETH were liquidated by the rapid price surge.
Additionally, on-chain data reveals that a wallet suspected to belong to Trump’s World Liberty Financial recently purchased $3.5 million worth of ETH.
TRUMP’S WORLD LIBERTY JUST BOUGHT $3,500,000 WORTH OF $ETH.pic.twitter.com/vj7kjwsmjw — Ash Crypto (@Ashcryptoreal) May 9, 2025
Core Features of the Pectra Upgrade
Currently, there are not many short-term favorable factors for Ethereum in the market, apart from the short-seller liquidations, the recently completed Pectra upgrade has brought three core updates aimed at further optimizing network performance and ecosystem.
- Smart Account Wallet Feature (EIP-7702): Account abstraction supports batch transactions, Gas fee sponsorship, and Smart Sessions, enhancing user experience and transaction efficiency.
- Doubling of L2 Data Storage Capacity: The Pectra upgrade expands Blob transaction capacity, doubling the data throughput for Layer 2 solutions (such as Optimism and Arbitrum) and reducing transaction costs.
- Improvements in Validator Experience: The upgrade optimizes staking and validation operations, lowering technical barriers and enhancing participation.
Is the ETH price genuinely starting a new wave of increases, or is this merely a short-term squeeze? More time is needed for observation.
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