ETH broke $1,950 for the first time in seven weeks, but behind the surge was over $62 million in short positions liquidated—not purely new buying pressure. dApp revenue on Ethereum dropped to $9.8 million per week, the lowest since September 2024, contradicting the 29% price rally. ETH rose 29% from $1,500 on June 26 to reach $1,950, coinciding with BTC breaking $66,500. ETH perpetual funding rates have remained below the normal 6–12% range all month, indicating bulls are still hesitant to fully commit. DEX volume fell to $7.2 billion per week as users shifted toward meme coins instead of utility tokens. In contrast, staking hit a new record, accounting for 34% of total supply. Tom Lee’s BitMine expanded its portfolio, now controlling 4.8% of global ETH supply. Today’s price still remains 61% below the previous all-time high from August 2025. Is this rally genuine, or merely a result of exhausted shorts being squeezed?