Over $542 million worth of Ethereum positions were liquidated last night on the back of the asset reaching ATH
As Ethereum spiked to an all-time high above $ 3,450, short traders felt the consequences with record-setting liquidations. According to Bybt, liquidations in the past 24 hours stand at over $ 520 million, where the overwhelming majority of it were short positions.
Over $ 542 million worth of Ethereum positions were liquidated last night on the back of the asset reaching ATH
Ethereum’s latest pump to its all-time high at $ 3,450 has caused significant losses for the bears. On-chain data shows a new record of short position liquidity across all derivative exchanges worth more than $ 375 million in just the past day alone.
ETH has caught the attention of consecutive all-time highs. The price of the second-largest cryptocurrency was up around 350% since the start of the year and its bull runs only intensified as it entered May. ETH was trading at $ 2,750 at the time, but it was outperforming. the $ 3,000 threshold for the first time 48 hours later. Cryptocurrency is not satisfied with the downgrade to this round number mark and continues to climb to an all-time high of more than $ 3,450 marked a few hours ago.
The analytics resource CryptoQuant highlights the pain ETH’s latest price surge caused to bears. The firm said that the number of short liquidations across all derivatives exchanges hit an all-time high.
$ETH short liquidations across all derivative exchanges hit an all-time high.
Chart 👉 https://t.co/ATxdobwWdO
(Note: This liquidation data only includes ETH/USDT, ETH/USD perpetual futures contracts.) pic.twitter.com/Z4EoOtOaDo
— CryptoQuant.com (@cryptoquant_com) May 4, 2021
According to Bybt, liquidations in the past 24 hours stand at over $ 520 million, where the overwhelming majority of it were short positions. 139,079 traders were liquidated in all, while the largest single liquidation order happened on was an ETH trade for $ 74.5 million on crypto exchange Huobi.
ETH Price vs. Liquidations | Source: CryptoQuant
It’s worth noting that CryptoQuant’s data only shows results from two perpetual futures contract pairs – ETH/USD and ETH/USDT.
According to Bybt, liquidations take place across the crypto market following intensified volatility for most assets. In the end, more than 140,000 traders were liquidated in the past 24 hours and the total amounted to nearly $ 1.5 billion.
BTC vs ETH Options Daily Trading Volume on Deribit | Source: Skew
According to additional data from Skew, investors are increasingly interested in trading Ethereum rather than Bitcoin, at least on the Deribit cryptocurrency exchange. The volume of ether (ETH) options has surpassed BTC for the first time.
You can see the BTC price here.
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