Ether Wipes Out $255M in Shorts Amid 8.3% Price Surge

Ether's price surge has left short sellers reeling, with over $255 million in losses reported over the past 24 hours. The second-largest cryptocurrency jumped by as much as 8.3%, its largest move in three weeks, according to Cryptonews.net.

The sudden rally came despite a mixed bag of economic data from the U.S., which saw oil prices fall but little movement on other fronts. Traders who bet against Ether were caught off guard, with Coinglass reporting that around $188 million in Ether positions were wiped out in just one hour.

Across the crypto market, close to $500 million in long and short positions disappeared over the past day, marking one of the biggest totals since Bitcoin's record short wipeout last month. Binance saw about $76 million in Ether positions liquidated over 24 hours, with most being shorts that had to be closed.

Bitcoin has also been on a tear, rising by around 20% over the past month and pushing above $80,000. However, its year-to-date performance remains negative, down close to 10%. The rebound comes after crypto began recovering from the August 19 liquidation event, one of the biggest leverage blowups in recent years.