Short sellers were struck as Ethereum soared to a new all-time high of $3,450, resulting in a record-breaking number of liquidations.
Bears have suffered significant losses as Ethereum’s price has risen to a new all-time peak of $3,450. On-chain evidence shows a new high in terms of short position liquidations on all derivatives markets, totaling more than $375 million in just one day.
Bears are in excruciating pain as a result of ETH.
With consecutive all-time highs, the second-largest cryptocurrency price has recently made headlines. Since the beginning of the year, the token has risen by nearly 350 percent, and its bull run just accelerated as May approached.
At the moment, ETH was trading at $2,750, but it broke through $3,000 for the first time in the next 48 hours. The cryptocurrency didn’t stop at breaking through this round-number barrier, and it went on to a new all-time peak of over $3,450 only hours ago.
Bears were hurt by ETH’s recent price increase, according to the monitoring site CryptoQuant. According to the company, the number of short liquidations across all derivatives exchanges reached a record. According to Bybt, liquidations in the last 24 hours totaled over $520 million, with short positions accounting for the vast majority.
It’s worth mentioning that CryptoQuant’s data only includes outcomes from the ETH/USD and ETH/USDT permanent futures contract pairs.
Liquidations are seen around the cryptocurrency industry as a result of increased uncertainty for most securities, according to Bybt. In all, over 140,000 traders have been liquidated in the last 24 hours, with a total of almost $1.5 billion.
Deribit’s ETH volume is higher than BTC’s.
Investors are primarily involved in trading Ethereum rather than Bitcoin, according to new data from Skew, at least on the crypto platform Deribit. For the first time, the trading value of ether (ETH) options exceeded that of bitcoin (BTC).
The Panama City-based cryptocurrency trading platform acknowledged the flipping on Twitter but stated that “we have no opinion” on the matter.