Looking at the value of short liquidations in USD, there were multiple short squeezes since May with over $20 million liquidated in a day, but this was only the tip of the iceberg.

• The short liquidations helped fuel the Ethereum rally beyond $2.7k, but the $5 billion in reserves among the top 10 ETH holders was one of the primary factors driving the rally. This demand is expected to grow in the coming months, and could spur Ethereum to new all-time highs.

Ethereum [ETH] not only reclaimed the psychological $3,000 level this week but also flipped it to support.

Since the 14th of July, ETH has rallied by 16%, trading just above $3.5k at the time of writing. The move was driven by strong spot ETF inflows and increased on-chain activity.

The exchange reserve was also falling, a classic sign of accumulation. Holders typically move their assets out of centralized exchanges to store them in cold wallets for the long term, and the outflows from these exchanges are visible on-chain.