Analysis: ETH rises possibly due to market optimism about the Fusaka upgrade
According to ChainCatcher, after ETH returned to the $3,000 mark, market analysts believe this is due to optimistic expectations for the upcoming Fusaka upgrade. Supported by the general rise of major altcoins such as SOL and BNB, the total cryptocurrency market capitalization climbed to around $3.2 trillion.
Timothy Misir, Head of Research at BRN, stated that part of this price surge was caused by a large number of BTC short positions above $93,000 being squeezed out, resulting in forced buying. Spot ETF capital flows have also provided additional positive factors, with the recent US Bitcoin spot ETFs recording a net inflow of about $58,500,000, marking the fifth consecutive trading day of positive inflows.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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