Ether Surge Triggers $668M in Forced Short Liquidations

A sudden surge in Ether's price on Friday triggered a wave of forced liquidations for short sellers, resulting in approximately $668 million in positions being closed over the past day. This is the largest such event since August, when Bitcoin's 23% surge led to what was described as the largest wave of short liquidations on record.

Ether jumped by as much as 8.3%, its largest intraday gain in three weeks, with Bitcoin rising less than 4%. Both tokens retreated from their highs as the rally lost steam, underscoring that the move was mechanical rather than driven by fundamental shifts in demand.

According to Coinglass data, over $300 million in Ether short positions were liquidated, while roughly $212 million in Bitcoin shorts were closed out. The imbalance marked an unusual inversion of the typical pattern, where Bitcoin generally leads in leverage washouts.