An unexpected upturn spells doom for bears. Ethereum set liquidation records this week as a comparatively modest price uptick reveals how bearish the market has become. (Reporting via WilliamSuberg)
, in particular, the market changes triggered by the price action stood out.
As with Bitcoin, the market had become heavily short ETH, expecting a trip to new macro lows after weeks of sideways action and failed breakouts. It thus only took around $250 of upside to liquidate more short positions than ever before — $275 million on Oct. 25, with another $250 million the day after.Over half of a billion dollars worth of positions were wiped out in two days, and not even a record in ETH — the value of the positions totaled 189,638 ETH and 161,986 ETH, respectively.“$ETH short squeezes for the last two consecutive days.