The post ETH liquidates over $430M short positions after the biggest daily rally since 2021 appeared on BitcoinEthereumNews.com.

Ethereum (ETH) broke out ahead of the entire crypto market, after months of sideways trading under $2,000. The current ETH rally led to over $430M in liquidations for the past 24 hours.  Ethereum (ETH) showed its ability to rally, adding over 20% in a single day. ETH recovered to $2,445.37, gaining to 0.023 BTC. The strong daily price move, however, directly attacked short positions. ETH recovered as BTC traded at $103,419.00, boosting all other coins and tokens with increased optimism. As a result, ETH was the leader in short liquidations, with over $430M in the past 24 hours. Short liquidations affected both the centralized market and high-risk single-trader positions on the Hyperliquid perpetual DEX.  At the same time, whales continued their buying, including from a wallet probably belonging to World Liberty Fi.  ETH open interest recovers, while wiping out short positions The liquidations followed a spike in open interest, back above $12B. The recent ETH rally is seen as a potential shift in sentiment and the overall market direction. In the short term, Alphanomics data shows ETH had the most successful day of trading since the 2021 bull market.  $ETH just had its biggest single-day pump since 2021 yesterday…and the ripple effect is real. ⚡️ Ethereum ecosystem tokens are seeing a surge in activity, with rising DEX volume over the past 24h: • $PEPE • $AAVE • $LINK • $MOG Two memes, $PEPE and $MOG, are looking… pic.twitter.com/ca0rdVpPRe — Alphanomics 💧 (@Alphanomics_io) May 9, 2025 The recent price move is also a rare spike in unison with BTC, as the leading coin broke out to $103,000. Even after the price recovery, BTC dominated 60.4% of the market, while Ethereum dominance was down to 8.4%.  ETH is yet to prove whether its rally is sustainable and reflects the improvements from the…

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Filed under: News - @ May 9, 2025 12:25 pm