Ethereum News Today: GMX Price Surges 100 on Binance Amid Large TWAP Trade

A sudden and unexpected price surge occurred in the altcoin GMX on Binance, where its price nearly doubled within a short time frame. This surge was triggered by a large TWAP (Time-Weighted Average Price) transaction on the exchange’s spot market, according to reports from Bitcoin-focused outlets. The event highlights the volatility and liquidity dynamics at play in the crypto market, particularly when large institutional or high-net-worth traders execute large-volume orders [1].

The rapid price increase in GMX drew attention to the broader altcoin market, where signs of renewed investor interest are becoming more evident. Ethereum (ETH) also experienced a notable upswing, breaking above the $4,000 level for the first time since December 2024. This technical milestone attracted fresh buying interest and was supported by the liquidation of short positions, including a $207 million event over two days, which pushed ETH to $4,200—its highest price since December 2021 [2]. Analysts have suggested that this development could indicate a broader rotation into altcoins, as large holders and retail investors begin to reallocate capital into smaller, riskier assets in search of higher returns [2].

Retail trader sentiment also appeared to shift during this period, with mentions of “buying” and “bullish” doubling compared to “selling” and “bearish” in the market intelligence space [2]. However, analysts have warned that such sentiment can lead to overconfidence and short-term corrections even amid strong uptrends. Michaël van de Poppe, for instance, called the ETH move to $4,200 a “wild move” and warned of the risks involved in buying at such elevated levels [2].

CoinDesk Research’s technical analysis showed that ETH rose from $3,914.59 to $4,160.29 over a 24-hour period, with two major surges in volume. The first breakout on August 8 pushed prices above $4,000 on 646,459 ETH in volume—nearly triple the 24-hour average. A second surge the following day pushed prices to $4,194.53 on 714,461 ETH in volume, again significantly exceeding the average [2]. These movements suggest strong buying pressure, particularly from large market participants.

Analyst Miles Deutscher outlined a potential three-stage market rotation: an ETH-led mini altcoin season, a shift toward Bitcoin, and eventually a return to ETH and altcoins for a potential “blowoff” rally. This scenario aligns with historical patterns observed during crypto market cycles, where ETH often plays a key role in driving broader market momentum [2].

The GMX surge underscores the potential for unexpected price movements in the crypto market, particularly in the context of large institutional trading strategies. As Ethereum continues to show strength, the likelihood of a broader altcoin rally increases, but investors should remain cautious about the risks associated with rapid price movements and the potential for profit-taking.

Source:

[1] Bitcoin - https://en.bitcoinsistemi.com/breaking-this-altcoin-on-binance-suddenly-experienced-a-100-increase/

[2] Crypto - https://cryptoadventure.com/eth-jumps-7-to-4200-highest-since-december-2021-as-analysts-forecast-whats-next/