Ethereum Surges Past $4,600 as Shorts Face Heavy Losses

Ethereum has reached a new milestone, exceeding the $4,600 mark and climbing steadily towards its November 2021 all-time high. The surge is attributed to growing DeFi applications, robust institutional investment, and increased trading volume. Notably, large short positions are seeing significant losses, with hedge fund Abraxas Capital facing over $244 million in unrealized losses solely related to ETH. Retail investors remain skeptical despite the gains, as whales continue selling, leading to a dynamic market environment.