Ether Shorts Liquidated for $10.5 Million in One Hour

Ether (ETH) experienced a significant wave of short-position liquidations on October 4, with a total of $10.50 million in forced closures within a single hour. This surge occurred as Ether's price climbed 1.04%, rising from $2,705 to $2,733 during the hour ending at 6:26 p.m. ET. The liquidations were recorded across three major exchanges, Binance, Bybit, and OKX, and totaled $10.51 million, with nearly all of it ($10.50 million) attributed to short positions. Long positions saw no liquidations during this period.

The data, compiled by TokenPost, highlights the impact of sudden price movements on leveraged trading. Liquidations occur when traders can no longer meet the margin requirements for their positions, leading exchanges to forcibly close them. In this case, the liquidations were overwhelmingly short positions, which are bets on a price decline. Ether, ranked No. 2 by market capitalization, saw traders caught off guard by its upward price shift.