Ethereum Surges 18% Past $2,250 as Maqi Dage Aggressively Adds Long Positions

The cryptocurrency market began a strong rebound on Wednesday night (the 19th), rising 18% over the past 24 hours and breaking through $2,250 to reach its highest level since June this year. This rally was primarily fueled by U.S. Treasury Secretary Scott Bessent's decision to at least double the scale of Treasury reverse repurchase operations, boosting market liquidity.

This rebound not only reversed the 25.3% decline seen in Q2 but also pushed Ethereum's cumulative gain in Q3 to 31.1%. In addition to improved liquidity expectations from the Treasury market, former President Trump's meeting with crypto executives at the White House and his call for Congress to pass legislation provided further momentum. Strong institutional demand also offered solid support, with spot Ethereum ETFs recording a single-day net inflow of $71.47 million, pushing total assets under management above $10.8 billion.

Amid this sharp rally, prominent crypto whale 'Maqi Dage' Huang Lieh-cheng made headlines with an extremely bold leveraged move. According to Hyperbot data, Huang significantly increased his 25x leveraged long position on Ethereum early on August 20, escalating his holdings to 21,400 ETH—a single position valued at approximately $47.65 million.

Although he briefly held small long positions in Bitcoin, he has since fully closed those positions. Currently, 'Maqi Dage's' total leveraged position exceeds $62.3 million, with an unrealized profit of $2.425 million and an investment return rate of approximately 71%.

Technical analysts note that Ethereum's strong upward momentum has pushed past key resistance levels at $1,960, $2,000, $2,050, and $2,100, driving momentum indicators into overbought territory. If Ethereum fails to establish $2,000 as effective support, high-leveraged positions face significant drawdown and liquidation risks.