Ethereum’s $35 million shake-up: How ETH’s 7% hike triggered a 2-month high

Ethereum's price surged by 7% on May 3, reaching a two-month high and causing $35 million in short position liquidations in its derivatives market. This sudden increase contrasted with only $7.16 million in long liquidations. Despite this spike, the overall activity in Ethereum’s derivatives market remained subdued, with only minor increases in trading volumes and open interest, and a significant drop in options volume, indicating a cautious approach from market participants.