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CryptoMarkets

The Bitcoin, Ethereum, XRP Record Week Was Just 'The Beginning,' Prominent Analyst Says

Last week’s crypto rally may be just the opening shot, according to Milk Road analyst John Gillen, who argues Ethereum (CRYPTO: ETH) is the key asset for everything that follows.

Benzinga

Publisher

Aug 24, 2026 at 12:07 PM UTC · 2 min de lecture

The Bitcoin, Ethereum, XRP Record Week Was Just 'The Beginning,' Prominent Analyst Says
Image via Benzinga

Entities

bitcoin, ethereum, xrp

Market Impact

Total MCap+1.60%

Last Updated

il y a 3 minutes

Traduction…

Last week’s crypto rally may be just the opening shot, according to Milk Road analyst John Gillen, who argues Ethereum (CRYPTO: ETH) is the key asset for everything that follows.

Why This Rally Is Not Just a Short Squeeze

Gillen wrote in a Sunday essay that two events hit crypto order books at the same time: Treasury Secretary Scott Bessent’s bond buyback announcement weakened the dollar and Donald Trump publicly named Hyperliquid at the White House, lighting the fuse for the move.

Last week Bitcoin (CRYPTO: BTC) surged roughly 24% while Ethereum (CRYPTO: ETH) jumped 32%, with $4 billion in shorts liquidated along the way in the largest crypto short squeeze in history.

He argued the smart money had already positioned before the move. Paul Tudor Jones raised his IBIT stake by 18.9%. VanEck’s Matthew Sigel was actively accumulating.

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Meanwhile, Citigroup (NYSE:C) announced Bitcoin custody before year-end. Moreover Jim Cramer also sold his Bitcoin in early August, which Gillen called one of the clearest counter-indicators available.

Why Ethereum Is the Real Trade

Gillen argued that Ethereum is the settlement layer for everything that comes next. ETF inflows hit $1.92 billion for the week, the largest since the October 2025 crash. 

Market Context

Ethereum

ETH

$2,494

+2.77% (24H)

Market Cap

$300.1B

24H Volume

$14.0B

24H High

$2,509

View Ethereum Market Page

Article Intelligence

Key Entities

bitcoinethereumxrp

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