Oh boy, was it a wild ride for crypto traders! Ether (ETH) blasted through the roof with a glorious 20% surge, triggering a jaw-dropping $750 million in short liquidations within just 24 hours, marking the highest single-day liquidation since 2023.
According to CoinGlass, a whopping 84% of the total liquidations were from short positions, as altcoins like DOGE, Cardano’s ADA, and Solana’s SOL shot up 10% to 20% in mere hours starting late Thursday. The real showstopper? Ether itself skyrocketed past $2,000, making its first appearance above that mark since early March. Meanwhile, DOGE and ADA jumped 10 %+ with Solana, BNB, and XRP also flexing with gains of at least 7%.
Liquidations aren’t just for drama—they happen when traders can’t meet margin calls and exchanges ruthlessly close their positions. Think of it as the crypto equivalent of getting caught in a “too good to be true” situation. When the liquidations are massive, it often signals extreme market moves—like panic selling or buying—and the recent surge definitely felt like a market turning point.
This latest crypto rally came on the heels of Bitcoin's break above $100,000 on Thursday, fueled by a report of a UK-U.S. trade agreement. Remember March, the last time that Bitcoin rallied to prices near these, bears lost over $550 million in a weekend squeeze. But this latest move? It completely topped that, signaling a renewed risk appetite and a very crowded short position setup.
CoinGlass also spilled the tea on where the biggest losses came from: Binance and OKX took the biggest hits, collectively losing over $500 million. ETH represented over $310 million, with Bitcoin futures coming in next at $375 million.
The recent range-bound trading in Ether makes the abrupt short squeeze all the more interesting, considering it had been stuck in a rut with fading institutional interest and lackluster retail sentiment. Perhaps, however, Ethereum's Pectra upgrade is now causing traders to believe in the magic again. Keep a close eye on it; the crypto rollercoaster might just be getting ready to take another crazy loop-de-loop!
HODL Team
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