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Eric Trump, the son of US President Donald Trump, taunted bearish traders on X as crypto prices jumped on Friday.
He told his nearly 6 million followers that seeing Ethereum shorts “get smoked” put a smile on his face and warned that anyone shorting Bitcoin or Ethereum “will be run over.”
At the same time, Bitcoin pushed past $117,000 and Ether climbed back above $4,200.
According to market reports, a recent executive action signed by President Trump helped spark the move. The order was tied to retirement account rules and stirred talk that 401(k) flows could become more crypto friendly, which pushed funds and traders to rethink bearish bets.
Price swings followed quickly, and traders who had bet against the rally found themselves under pressure.
Reports have pointed to heavy buying from US spot ETFs and a handful of treasury buyers that are grabbing up Ether. That clearing of supply on exchanges is making it harder for sellers to keep the price down.
Ether’s jump above $4,200 was the first time it hit that level since December 2024, and market players said it helped spark a wave of short covering that amplified the gains.
Based on trading-data summaries, about $208 million of Ethereum positions were liquidated in a 24-hour window, which made up over 56% of nearly $370 million wiped from the futures market during that span.
Of the Ether losses, around $184 million came from short positions and $24 million from longs. That flood of forced exits pushed the rebound to be sharper than many expected.
Eric Trump’s post added fuel to the social side of the move. He’s been vocal about buying every Ether dip, and his message was one of glee as bears were squeezed.
Traders watching the tape said the mix of policy headlines, ETF inflows, and social media heat created the perfect setup for quick, volatile moves.
Analysts are split on how high Ether could go if the momentum holds. Some put a bullish scenario that reaches toward $16,000 by year-end under favorable conditions.
Other market voices have sketched even more aggressive paths, with one analyst suggesting a near sevenfold rise toward $25,000 in an extreme case.
Those calls sit beside more cautious takes that warn the ride could reverse just as fast.
Eric Trump believes those betting against Bitcoin and Ethereum could face heavy losses, adding social heat to a rally driven by policy moves and ETF inflows.
