Ethereum's 20% Surge Triggers $750M Liquidation Wave

The crypto market has recently experienced a significant surge, with Ethereum leading the charge with a dramatic 20% increase. This sudden burst of green across major tokens has resulted in over $750 million in short positions being liquidated in a single day, an event not seen since 2023. This liquidation wave has sparked speculation about whether this marks the start of a multi-month bull phase.

The short squeeze, driven by Ethereum's break above $2,000, was the most aggressive since Bitcoin's climb to $93K in March. This event not only impacted overleveraged bears but also reignited market sentiment. According to CoinGlass data, 84% of the total liquidations came from shorts, indicating that the market had become overly skewed toward bearish bets. Ethereum's $310M+ worth of short liquidations alone highlighted a market misread, where bearish overconfidence met bullish momentum. Bitcoin's break above $100K further fueled the rally, with altcoins like DOGE and ADA soaring more than 10%, and large caps like BNB, XRP, and Solana logging decent gains.

This liquidation event occurred in tandem with news of a U.S.-UK trade deal, which likely spurred a rush of speculative buying and de-risking across the board. The bulk of liquidations—over $500 million—came from Binance and OKX alone, confirming that this was not just spot buying but an all-out detonation in the futures market. Historically, mass liquidations of this scale often precede new bullish stretches, as they reset the board by purging excess pessimism and exposing mispriced positions, making way for organic upward momentum.

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The recent liquidation wave may have marked more than just a turning point for short sellers—it might have flipped the broader sentiment entirely. With volatility back on the table, investor focus is shifting toward tokens with clear mechanics, real utility, and strong positioning. Whether tied to infrastructure, market milestones, or user-driven ecosystems, the projects outlined above all align with where momentum appears to be heading. As bullish energy continues to build, assets that combine purpose with timing could see a meaningful stretch of growth ahead.