Ethereum Sees $548M Liquidations As Price Spikes To $1,600

Large-scale liquidations for Ethereum ETH/USD traders were observed on Monday as the cryptocurrency rallied ahead of $1,500.

What Happened: According to data from Benzinga Pro, ETH saw a 40% rally over the weekend, surging from a low of $1,078 on July 15 to a four-week high of $1,607 on July 17.

At press time, ETH was trading at $1,543, still up 15% over the last 24 hours.

Traders betting on a continued downtrend for Ethereum saw high-value liquidations on Sunday. Over $176 million ETH shorts were liquidated over a 12-hour period, as per data from CoinGlass. 

Over the last 24 hours, ETH liquidations outpaced other cryptocurrencies by a considerable margin. At the time of writing, over $548.7 million ETH liquidations had taken place over the last day.

Meanwhile, Bitcoin BTC/USD saw just $166 million worth of liquidations, followed by Ethereum Classic ETC/USD which saw $17.7 million in liquidations. 

The single largest liquidation order took place on crypto exchange FTX on an ETH perpetual swap for $2.83 million.

See Also: Liquid Ethereum Staking Solution Surges 200% Weekly As Merge Gets Tentative Date

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