Ethereum witnessed the largest short liquidation in the cryptocurrency market on Friday, wiping out $105 million in short bets as prices soared past the $4,000 mark for the first time in eight months. This move drew reactions from prominent figures, including Eric Trump, who warned traders not to bet against Bitcoin and Ethereum.
Trump: “Stop Betting Against BTC and ETH”
“I’m very happy to see ETH short orders getting blown out today. Stop betting against BTC and ETH – you will be crushed,” Eric Trump said in a post to his 5.8 million followers on X.
According to CoinGlass, approximately $105 million in Ethereum short orders were liquidated, accounting for 53% of the total $199.61 million in short orders wiped out across the entire cryptocurrency market on Friday.
Cryptocurrency trader Ash Crypto emphasized that $4,100 is the "key resistance" level to watch:
If ETH surpasses the $4,100 threshold, it could trigger a short-selling scenario that drives ETH prices down to the $4,400-$4,500 range in just a few hours.
Sentiment Shifts to Optimism
Cryptocurrency trader Ted stated: "In my opinion, the market has never been this optimistic," citing increasing institutional demand and the influx of capital into spot Ethereum ETFs. Data from Farside shows that spot Ethereum ETFs have attracted around $537 million in investment capital over the past four trading days.