This week, Ether ( ETH) sets liquidation records as a relatively modest price increase reveals just how bearish this market has become.
On-chain data platform CryptoQuant confirmed the new record for short liquidations in dollars from the United States on Oct. 25.
Two days, half of a billion dollars worth of ETH shorts
The bears are not only suffering from Bitcoin ( BTC) this week. Data from exchanges also indicates that Ethereum shorts have suffered severe losses.
According to data from CointelegraphMarkets Pro, TradingView, ETH/USD saw impressive gains between Oct. 25 and 26, rising from $1,337 to $1,593 on Bitstamp, before retracing.
Although there are no unusualities in crypto or altcoins it was notable for the market changes triggered via the price action.
The market was expecting to see a sharp drop in ETH after weeks of sideways activity and failed breakouts, just like Bitcoin.
To liquidate more short positions in U.S. dollars (in U.S. Dollar terms), it took only $250 — $275 million Oct. 25, and another $250 million the next day.
In just two days, more than half a million dollars worth of positions were destroyed. This was not even a record in ETH. The total value of the positions was 189,638 ETH (161,986 ETH) respectively.
“$ETH short squeezes over the past two days. “$ETH short liquidations reached an all-time high across all exchanges,” CryptoQuant CEO Ki Young Ju, said about the data.
BTC flushes out the speculators
Cointelegraph reported that the picture of Bitcoin was similar to how it performed as a result of price stability.
Similar: Bitcoin weak hand’mostly gone,’ as BTC ignores Amazon. Meta stock dip
According the most recent figures from Coinglass on-chain analytics resource, Coinglass, October 25 and 26 saw short liquidations of $328 million and $332 millions, respectively across all exchanges.
The Oct. 27 total was $5.7 million lower than the previous record, which is in line with Bitcoin consolidating above $20,000.
However, exchange users bet on the rally continuing as shown by the largest daily BTC balance decrease at major exchange Binance.
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