Over half billion in ETH short positions have been liquidated as traders betting against ETH rise are suffering losses
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.
Oooof, $666M and 368K positions of ETH shorts got smoked today.
3 year ATH according to CryptoQuant. pic.twitter.com/dks2uLNxYV
— Lex Moskovski (@mskvsk) June 6, 2022
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.
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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.
? #Ethereum $ETH Number of Addresses Holding 1k+ Coins just reached a 1-month high of 6,269
View metric:https://t.co/iDNXAbbLRt pic.twitter.com/8C9ewVXC0X
— glassnode alerts (@glassnodealerts) June 6, 2022
Source: https://u.today/666-million-in-ethereum-shorts-liquidations-spotted-as-price-soars-nearly-6