$666M Ethereum Shorts Liquidated On Sunday

The number of Ethereum ETH/USD shorts liquidated reached a three-year high on Sunday.

What Happened: According to on-chain liquidation data from CoinGlass, there were $666 million ETH short positions liquidated over the last 24 hours. Meanwhile, ETH longs saw just $3.61 million worth of liquidations.

Liquidations occur when a trader has insufficient funds to keep a leveraged position open, leading the exchange to forcefully close the position after a loss of the trader’s initial margin.

Oooof, $666M and 368K positions of ETH shorts got smoked today.

3 year ATH according to CryptoQuant. pic.twitter.com/dks2uLNxYV

— Lex Moskovski (@mskvsk) June 6, 2022

ETH shorts saw massive liquidations after the asset spiked 5% following a drop under $1,750 on Sunday. Traders likely anticipated more downside for the cryptocurrency and entered larger short positions over the weekend.

At press time, ETH was trading at $1,889, up nearly 6% in 24 hours, as per data from Benzinga Pro.

See Also: HOW TO BUY ETHEREUM (ETH) 

Overall, more than 49,700 crypto traders were liquidated over the last day with the single largest liquidation order coming in at $2.06 million on Bitfinex.

Bitcoin BTC/USD traders saw $54 million in liquidations, followed by Terra LUNA/USD and Solana SOL/USD with $7.58 million and $5.62 million in liquidations respectively.