The world’s second most dominant digital asset, Ethereum witnessed significant buying pressure on Friday as the cryptocurrency spiked by almost 5% in 24 hours. With rising prices, short ETH trading positions liquidations increased substantially during the mentioned period.
The data posted by Coinglass shows that more than $50 million worth of positions related to Ethereum has been liquidated in the last 24 hours. The number includes the liquidation of approximately $40 million worth of short positions.
Ethereum’s price has remained under pressure since November 2021. In January 2022, the crypto asset reached a low of almost $2,100, which is down by more than 50% from its all-time high in November 2021. Since the start of 2022, Ethereum faced several challenges including the rise in short trading positions around the digital asset.
However, a sudden spike in the crypto market has caused a sharp jump in the liquidation of short trading positions. While ETH topped the list, bearish traders of digital currencies like BTC, LUNA and SOL also faced the heat with massive liquidations.
Large Ethereum Transactions
With growing demand and a jump in its price, the Ethereum network witnessed a spike of $100,000+ transactions. According to Santiment, an on-chain analysis platform, ETH whale transfers have reached the highest level in nearly 1 month.
“ETH has surged back above $2,900 for the first time since March 2nd, and whale transactions are on the rise big time. Yesterday was the first day with over 7,000 $100k+ transactions on the ETH network since the war news broke,” Santiment mentioned in a recent update.
ETH outflows from leading digital exchanges have increased as well. Recently, large Ethereum holders have shifted the crypto asset in enormous amounts from exchanges to cold storage. Earlier this week, ETH 2.0 deposit contract crossed 10.4 million staked Ethereum.
