Whale JackYi: A $5 billion ETH short position might trigger a short squeeze, potentially pushing Ethereum to $3,000.

BlockBeats reports: On June 11, LD Capital founder and whale JackYi posted on X the simplest reason to be bullish on ETH. He stated, "Currently, CME short positions are valued at $1.3 billion, AAVE short positions at $1 billion, and shorts across various exchanges total approximately $3 billion. In total, about $5 billion worth of ETH shorts are poised for a short squeeze, which could drive ETH to $3,000, or even as high as $3,500 to $4,000. This is the core reason for holding 100,000 ETH call options."

According to data from Coinglass, the total Ethereum futures open interest across all platforms has reached 14.9397 million ETH, equivalent to approximately $41.546 billion, marking a 24-hour increase of 7.53% and hitting a historical high.

BlockBeats previously reported that on June 10, whale JackYi reiterated his strong bullish stance on Ethereum and its ecosystem tokens. He disclosed that he is holding 100,000 ETH call options and provided reasons why he believes the Ethereum ecosystem is undervalued: the ETH token itself is undervalued, with optimism about its ETH/BTC ratio recovering during the bull market; projects with real revenue, users, and products will be the first to benefit from traditional capital inflows once crypto policies ease; and, more recently, Wall Street funds have been allocating investments into Ethereum.