Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
? #Ethereum $ETH Number of Addresses Holding 1k+ Coins just reached a 1-month high of 6,269
— glassnode alerts (@glassnodealerts) June 6, 2022
View metric:https://t.co/iDNXAbbLRt pic.twitter.com/8C9ewVXC0X
Tomiwabold Olajide
