Ether Defies Bears with 8.3% Rally, Wipes Out $255M in Shorts

Ether outperformed the crypto market yesterday with an impressive 8.3% rally, its largest move in three weeks.

The surge came as traders who had bet against Ether got burned, with shorts totaling over $255 million being wiped out in a single day.

This is significant because usually Bitcoin sees the bigger leverage wipeout, but this time it was Ether that took center stage.

Binance saw about $76 million in Ether positions liquidated over 24 hours, mostly short positions that had to be closed.