Analysis: The rise of ETH may be due to the market's optimistic expectations for the Fusaka upgrade

After ETH returned to the $3000 mark, market analysis suggests that this is due to the optimistic expectations surrounding the upcoming Fusaka upgrade, supported by the general rise of major altcoins like SOL and BNB, leading the total cryptocurrency market capitalization to climb to approximately $3.2 trillion.

Timothy Misir, head of research at BRN, stated that part of the reason for this price increase is due to a large number of BTC shorts being squeezed out above $93,000, resulting in a surge of forced buying. The capital flow from spot ETFs also provided additional positive factors, with the recent U.S. Bitcoin spot ETF recording a net inflow of approximately $58,500,000, marking the fifth consecutive trading day of positive inflows.