Some traders estimate ether values to hit $4,000 in the next days, with the likelihood of an ether ETF approval increasing to 75%.
Renewed prospects for ether ETFs launched in the United States drive the cryptocurrency market higher and liquidate negative short bets.
Bloomberg experts increased the approval probability to 75%, which boosted market sentiment.
Bitcoin (BTC) rose over $71,000 early Tuesday, reaching its highest level since early April,
while ether jumped more than 19% to $3,700 after Bloomberg analysts boosted the likelihood of a spot ETH exchange-traded fund (ETF) being approved in the United States to 75%.
Other heavyweights had relatively tiny gains, with XRP, Cardano's ADA, Solana's SOL, and dogecoin (DOGE) up 3-6%, according to CoinGecko data.
The unexpected increase resulted in nearly $260 million in market-wide short liquidations, the most since February 28. According to Coinglass data, ether shorts lost more than $115 million, while bitcoin shorts lost slightly more than $99 million.
Binance, the largest cryptocurrency exchange, had almost $130 million in liquidations, followed by OKX with $118 million and Huobi with $51 million.