CNBC’s Tanaya Macheel joins “Worldwide Exchange” to discuss ether's surge to record highs near $5,000, its pullback from leveraged liquidations, and the growing support from regulation and ETFs.

Ether, the cryptocurrency tied to the Ethereum network, recently surged to record highs close to $5,000 before pulling back. The retreat was attributed to over $100 million in long liquidations for Ether and more than $200 million for Bitcoin, triggered by rapid price increases and leveraged trading positions.

Despite the pullback, Ether remains at a strong price level and is up more than 37% for the year. The rally was supported by growing interest in stablecoins, tokenization of real-world assets, and positive regulatory developments. Institutional investors have shown increasing support, with Ether ETFs seeing inflows even as Bitcoin ETFs experience outflows.

Ether hits record highs near $5K before pullback on liquidations

All right. So I'm looking I mean everything in the crypto complex is pulling back. That's interesting. I mean why after Jackson Hole is everything pulling back. Because I think a lot of people thought it'd be risk on. Everybody's ready to kind of take those riskier bets. You know and it may still be. So I think what we're seeing over the weekend is a lot of liquidations that were triggered. The price of ease just ran up so high so quickly just in the last 24 hours. I think we've seen more than 200 million dollars in long liquidations in Bitcoin more than 100 million for each which is a lot. So just a lot of traders leveraging their long positions. You saw that price go up and it triggered some for selling. But that said you know this it really has been an exciting weekend. He's hit an all time high for the first time on Friday after that speech. It hit another one again on Sunday. And that four thousand dollar level Frank has really been difficult for ETH to to test. It has tested it several times over the last few years. The last time it hit an all time high was 2021. And every time it reaches that mark it's never really able to meaningful meaningfully break it. So I think you know the TLDR here is you know it's still it's pulled back but it's still at forty six hundred which is still kind of a good spot for it to be. Right. But I mean in all fairness look year to date it's up over 37 percent. So relatively this isn't that big of a pullback. And we all know that cryptocurrency is very volatile. So I think the question for anybody that's a crypto investor either that already holds ether or is looking to get into it or ETH as you call it. What were the factors that led to that rally to its most recent all time high in recent weeks. And is that story still intact. Yes is the simple answer. So I think what you saw Friday and through the weekend really was you know rocketing with the broader market after that Jackson Hole speech. That said we've been watching this for three months. There is a lot of support behind ETH that finally got it through that four thousand dollar level. It's almost five thousand dollars on Friday. You know the explosion in interest in stable coins and tokenization of real world assets. The regulatory tailwinds not just getting stable coin legislation. Many stable most stable coins run on Ethereum on the Ethereum network. But we're also getting market structure legislation probably at least some progress there later this year. And just a lot of the you know buy in from this new cohort of corporate companies like what we talked about last time. Tom Lee's bit mine immersion which is also backed by Peter Thiel and all of these companies that are kind of focused on accumulating ether in a really big way pushing the price up and up and up. And we see you know even just from the last week the last two days Bitcoin ETF seeing that outflows while ETH ETF still seeing inflows. So a lot of institutional support.

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