According to data from CryptoQuant and Coinglass, earlier today, a staggering $666 million worth of Ethereum short positions were liquidated as the price of the second largest cryptocurrency has added nearly 6% today, printing several consecutive green hourly candles on the chart.
A CryptoQuant chart was shared by Moskovski Capital CIO on his Twitter page.
Oooof, $666M and 368K positions of ETH shorts got smoked today.— Lex Moskovski (@mskvsk) June 6, 2022
3 year ATH according to CryptoQuant. pic.twitter.com/dks2uLNxYV
The traders who opened these short positions bet against the growth of Ethereum and their leveraged trades were automatically liquidated, bringing them substantial losses. According to CryptoQuant, this is a three-year all-time high. The largest amount of trades was liquidated on Bitfinex, per another tweet in the thread.
The Ethereum price has risen from $1,804 to the $1,910 level within a few hours.
In the meantime, mid- and large-sized Ethereum investors keep coming into the ecosystem. Glassnode has reported that the amount of wallets holding over 32 ETH has surged to a 13-month high, reaching 111,353.
As for the number of wallets holding 1,000+ ETH, it has grown to 6,269, reaching a one-month high.