$ETH

Futures bets against higher crypto prices lost over $500 million due to a market surge linked to potential U.S.-China tariff reductions.

Bitcoin led the market rally, rising from $88,000 to over $93,500, with major cryptocurrencies like ETH, ADA, and DOGE also seeing significant gains.

The largest short liquidations occurred on Bybit and Binance, with a single ETH futures position on Binance losing over $4.5 million.