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$666 Million in Ethereum Shorts Liquidations Spotted as Price Soars Nearly 6%

Mon, 06/06/2022 - 12:34
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Yuri Molchan
Over half billion in ETH short positions have been liquidated as traders betting against ETH rise are suffering losses
$666 Million in Ethereum Shorts Liquidations Spotted as Price Soars Nearly 6%
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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.

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.

Related
Bitcoin Surpasses $31,400, Rising Thanks to Momentum

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.