Ethereum
Ether Surges After US CPI Data Triggers Massive Short Squeeze
Ethereum led a crypto market rebound following US inflation figures as forced short closures drove hundreds of millions in liquidations.
Ethereum advanced up to 8.3% during the session following the publication of August US consumer price index figures, later consolidating around $2,568. The turnaround followed earlier weakness across altcoin markets and accompanied a roughly 4% rise in Bitcoin to $77,600.
Derivatives markets experienced $758 million in total liquidations over 24 hours, according to CoinGlass. Short positions accounted for $412 million of the total, with Ethereum leading losses at $307 million in wiped positions compared to $212 million in Bitcoin trades. Hyperliquid recorded the largest single closure, an ETH-USD position valued at $20.3 million.
A heavy concentration of liquidations occurred directly after the data release, when more than $250 million in shorts were cleared in one hour, half of which involved ETH. LO:TECH head of research Adam McCarthy told Bloomberg that short sellers faced escalating costs to maintain bets amid an 8% surge, compounding the upward momentum.
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