here’s what just went down.
A trader just ate a *massive* \$15.81M loss on a 25× leveraged ETH short… and get this—they’re *still* sitting on \$3.3M in unrealized losses. Brutal, right? But trust me, this isn’t just another liquidation headline.
Here’s why this matter
1. Shorts Are Getting Torched—Fast
ETH shorts are dropping like flies. In just the last 24 hours, we’ve seen **\$76M** worth of ETH short liquidations, part of **\$103M** total across the board. And analysts are already warning—if ETH cracks **\$4,000**, we could be staring down the barrel of another **\$331M** in short liquidations.
2. Big Money Is Pouring In—ETF Demand Is Exploding
Open interest in ETH futures just hit a record-breaking \$58B. The ETH/BTC ratio has smashed through its 200-week EMA, showing serious relative strength.
Meanwhile, U.S. spot ETH ETFs are pulling in absurd amounts of cash—over **\$9.5B** in net inflows so far, with one single-day surge clocking in at \$727M.
3. On-Chain & Technicals Are Lining Up for the Bulls
Glassnode’s data is flashing bullish. They’re projecting a possible upside push toward \$4,900, driven by unrealized profit buffers and that monster open interest.
One of their co-founders even pointed out that network growth and a liquidity reset look eerily similar to past cycle bottoms—right before ETH ripped 100%.
💡 Bottom Line
Leverage bears are getting obliterated, institutions are loading up, and the on-chain picture is looking primed. If ETH holds momentum and smashes through \$4K, we’re looking at the kind of setup that could fuel the next monster leg up.