Last week’s crypto rally may be just the opening shot, according to Milk Road analyst John Gillen, who argues Ethereum (CRYPTO: ETH) is the key asset for everything that follows.
Why This Rally Is Not Just a Short Squeeze
Gillen wrote in a Sunday essay that two events hit crypto order books at the same time: Treasury Secretary Scott Bessent’s bond buyback announcement weakened the dollar and Donald Trump publicly named Hyperliquid at the White House, lighting the fuse for the move.
Last week Bitcoin (CRYPTO: BTC) surged roughly 24% while Ethereum (CRYPTO: ETH) jumped 32%, with $4 billion in shorts liquidated along the way in the largest crypto short squeeze in history.
He argued the smart money had already positioned before the move. Paul Tudor Jones raised his IBIT stake by 18.9%. VanEck’s Matthew Sigel was actively accumulating.
