Crypto Market Erupts: ETH$ETH
, ADA , $ADA
DOGE $DOGE
Surge Sparks $800M in Short Liquidations – A Two-Year High
The crypto market witnessed a powerful rally led by Ethereum, resulting in the highest short liquidations since 2023. Over $800 million in leveraged bearish bets were wiped out in the past 24 hours as ETH surged nearly 20%, breaking past $2,000 for the first time in months.
Altcoins joined the explosive move: Cardano (ADA) and Dogecoin (DOGE) each jumped over 10%, while Solana (SOL), BNB, and XRP posted gains of at least 7%. The rally came amid a wave of bullish sentiment, amplified by a newly announced trade agreement between the U.S. and U.K.
Data from CoinGlass reveals that more than 84% of liquidations came from short positions. Binance and OKX users were hit the hardest, with the two exchanges alone accounting for more than $500 million in liquidations. Ethereum liquidations topped $310 million, while Bitcoin futures saw around $375 million wiped out.
Liquidations occur when traders using leverage fail to maintain required margins, leading exchanges to forcibly close their positions. Sharp price moves—like this one—often trigger mass liquidations, amplifying market volatility and fueling price momentum.
This marks the most dramatic short squeeze since March’s Bitcoin surge to $93,000, where bearish traders lost over $550 million in a weekend. April saw a similar rally in ETH and DOGE that erased $500 million in shorts, but this latest breakout surpasses both.
ETH’s move comes after a period of stagnation, as waning institutional interest and low retail activity kept it rangebound. However, Ethereum's recent Pectra upgrade may have reignited optimism, giving traders fresh reasons to go long.
With markets heating up and shorts getting squeezed, all eyes are now on whether this rally has staying power—or if another reversal is around the corner.
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