Ethereum (ETH) has hit new liquidation highs, revealing the bearish nature of the ongoing cryptocurrency crisis, figures from CryptoQuant revealed this week.
The on-chain analytics platform found that short liquidations in USD had reached $500 million in just two days, shattering the market and leading to significant losses for traders.
Despite this, ETH/USAD climbed from $1,337 to $1,593 on Bitstamp, data from TradingView showed from 25-26 October. Markets were hit with both BTC and ETH shorts, triggering macro lows across platforms.
1) Total Liquidations
— BlackSwan DAO (@DAOblackswan) October 26, 2022
The number of liquidations of Short and long BTC positions jumped to 550M dollars in the last 24 hours.
If we add other coins to Bitcoin, then in total over 1.1 billion positions were liquidated in 24 hours! 🔥#Bitcoin #volatility #Liquidation #crypto pic.twitter.com/T0uc3jFxvw
Figures show that liquidations erased $275 million and $250 million USD on the 25 and 26, respectively, wiping out over half a billion in positions by the week’s end.
CryptoQuant Chief Executive Ki Young Ju said in a statement: “$ETH short squeezes for the last two consecutive days. Daily short liquidations across all exchanges reached an all-time high.”
The news comes after exchange platform FTX noted the event was the single largest liquidation in its history. Binance followed shortly after with $57.58 million and OKX reported a $46.72 million change.
