Bitcoin surged 4.8% to $7ly4,484 on Monday, breaking a six-week resistance level at $73,000 and reaching its highest price since before the recent Iran war. The breakout followed signals from President Trump regarding a willingness to resume talks with Tehran, even as the U.S. maintains a blockade of the Strait of Hormuz.
This price movement triggered $534 million in total crypto liquidations across 180,000 traders. According to CoinDesk, $430 million of these liquidations came from short positions, representing a 4-to-1 ratio of short to long liquidations during a 12-hour window.
Ethereum (ETH) outperformed Bitcoin during the rally, jumping 7.7% to $2,366. This move extended Ethereum's weekly outperformance of Bitcoin to roughly 4 percentage points and nearly 9 points over the past month.
Capital appears to be rotating from Bitcoin ETFs into Ether funds. U.S. spot Bitcoin ETFs recorded $325.8 million in net outflows on April 13, led by $229 million from Fidelity’s FBTC and $63 million from ARK’s ARKB, according to SoSoValue data.
In contrast, Ether ETFs saw weekly inflows of $187 million for the period ending April 10, marking the strongest showing of 2026. Cumulative inflows for Ether funds have reached a record $11.68 billion.
Ethereum network activity and RaveDAO volatility
On-chain activity on the Ethereum network is accelerating, with daily transactions jumping 41% week-over-week to approximately 3.6 million. However, the economic value of this activity is declining, as stablecoin transfer volume fell 42.6% and fees dropped nearly 50% during the same period.
Alongside the major assets, the RaveDAO (RAVE) token experienced a massive price surge of roughly 4,500% in seven days. This volatility pushed RAVE's market capitalization from $60 million to $2.8 billion.
Exchanges liquidated about $44 million of RAVE futures in the past 24 hours, primarily from short positions. This volatility follows a pattern of large token transfers that some observers allege were engineered to trigger a short squeeze.
"The setup: the first $30.58M of $RAVE (~$42M) gets transferred to Bitget, signalling a potential dump and baiting traders into short positions. Then ~$32M RAVE gets pulled back on-chain over the next 2 days while spot price gets aggressively pumped, wiping out every short that took the [trade]" according to reports on the token's movement.
Data from Arkham shows that nearly 90% of RAVE's supply is concentrated in three Gnosis safe wallets. The token, which markets itself as a Web3 music platform, saw its liquidations rank alongside Bitcoin and Ether in terms of magnitude.
While Bitcoin's $73,000 ceiling has broken, traders are looking toward the next key resistance near $79,000. This level, identified by CryptoQuant, represents the Traders' Realized Price where active traders may face pressure.
