📈 A violent wave of liquidations hits short sellers of Ethereum: $190 million in losses in 24 hours!
In a harsh blow to those betting on a decline in the price of Ethereum (ETH), the markets experienced liquidations of short positions worth $190 million over the past 24 hours. These liquidations occur when a sudden rise in price forces traders who are betting on a decline to close their positions at a loss, leading to increased demand and pushing the price further up.
This significant event strongly refutes the narrative that the recent market movement is merely a "basis trade" - a type of technical arbitrage - and not a genuine rise driven by buying pressure. The massive volume of liquidations confirms that there is strong upward momentum that has surprised a large number of traders and forced them out of the market with heavy losses.