Ethereum Squeezes Shorts with 8.3% Price Surge on Hot US Inflation Data

Ethereum's price surged 8.3% to over $2,600 on September 11 after more than $255 million in short positions were liquidated within 24 hours, with $188 million wiped out in just one hour.

This massive short squeeze was triggered by hotter-than-expected US inflation data, forcing bearish traders to cover losses and driving prices sharply higher. Bitcoin also saw $172 million in short liquidations but gained less than 4%.

The event highlights how macroeconomic data can rapidly shift crypto market positioning and trigger leveraged liquidations, especially for Ether, which showed more aggressive bearish bets ahead of the data release.