Ethereum's 3.2% Surge Triggers $42.33M in Short Liquidations

In the past 24 hours, a significant number of traders, totaling 2,086, faced liquidations amounting to $258.34 million in losses. The most substantial liquidation event occurred in the ETH/USDT market on Bybit, resulting in a loss of $2.65 million.

Within a 12-hour period, liquidations surged to $126.18 million, with $60.01 million attributed to long positions and $66.17 million to short positions. Over the entire 24-hour cycle, long liquidations totaled $138.03 million, while short liquidations amounted to $120.31 million.

Ethereum was the most affected token during this 12-hour window, accounting for $42.33 million of the $126.18 million in total liquidations. The majority of these liquidations were short positions on Ethereum. Bitcoin followed with $33.24 million in liquidations, and all other assets combined for less than $12 million. In contrast, over 76% of liquidations across major assets were long positions on average throughout the day.

Ethereum's price surge contributed to the significant liquidations of short positions. Ethereum's price increased from $1,579.52 on April 21 to $1,629.86 on April 22, marking a rise of approximately 3.2 percent. This price movement triggered margin calls on short bets, leading to the bulk of the $42.33 million in ETH liquidations. Bitcoin also saw an increase of 1.1 percent to $88,324.30, but experienced $29.96 million in long liquidations and $57.65 million in short liquidations over 24 hours, indicating vulnerability on both sides of the market.

Data from CoinGlass highlights that high leverage can be detrimental during price swings, regardless of their magnitude. This is particularly evident with Ethereum, where short squeezes and stop-hunts have been the dominant factors in recent liquidations.