Ethereum Shorts Take A $27 M Hit, Bitcoin Long Positions Suffer Liquidations — Analytics Firm Reveals Large ETH Wallets Hit Record Highs

Over $27 million worth of short Ethereum ETH/USD positions were liquidated in the past 24 hours as the price of Ethereum soared, nearly reaching the $2400 level.

What Happened: Data from CoinGlass indicates a total of $33.75 million ETH in liquidations occurred across exchanges. Specifically, shorts composed 78.67% of this figure. 

Leading the pack, Binance accounted for $11.30 million in ETH shorts. OKX and Huobi also faced considerable ETH short liquidations, witnessing 69.53% and 85.17% respectively.

While Ethereum short holders faced losses, Bitcoin BTC/USD saw over $26 million in long positions wiped out. The entirety of Bitcoin liquidations summed up to $43.58 million, with long positions accounting for 61.97%. 

The total liquidations in the market amounted to $161.95 million, including the largest single liquidation order on Bitmex valued at $1.80 million.

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Why It Matters: Santiment, a crypto analytics firm said, "Ethereum has scratched its way to $2,349, its highest level since June, 2022. The long-term trend of top non-exchange whale wallets getting richer, and top exchange whale wallets having less sell-off power, is a promising combo for a continued climb. "

Price Action: At the time of writing, Bitcoin BTC/USD was trading at $43,521, down 1.02% in the last 24 hours, according to Benzinga Pro. 

Photo by Avi Rozen on Shutterstock

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