Crypto traders betting against a price increase for Ethereum (ETH), the second-largest cryptocurrency by market cap, just took a hit. In the last 24 hours alone, Ethereum short liquidations rose to $111.27 million, significantly outpacing Bitcoin’s $34.71 million. This marks a staggering 370% higher, indicating that ETH bears were caught flat-footed.
Ethereum rose sharply to a high of $3843 in the early Thursday session, with bulls building on an earlier rebound in the Wednesday session from a low of $3,563.
The intraday surge from $3,647 to $3,843 caught bearish traders off guard, resulting in significant liquidations.
CoinGlass highlighted the wipeout in a post on X, writing, "Haven't seen this many ETH shorts wiped out in just an hour in a long while." Short liquidations occur when traders who bet on falling prices are forced to close positions as prices climb, leading to even more upward momentum in a classic short squeeze.
Haven't seen this many #ETH shorts wiped out in just an hour in a long while.https://t.co/C47AgBBF3M pic.twitter.com/eS2FIuCi2b
— CoinGlass (@coinglass_com) August 7, 2025
Around press time, ETH was up 6.94% in the last 24 hours to $3818, with liquidations sparking a wave of forced buybacks from overleveraged short positions.
Ethereum surpasses SOL, BTC
Not only did ETH flip BTC in 24-hour liquidations, but the second-largest cryptocurrency is also gaining an edge in other market measures.
According to Glassnode, the SOL/ETH hot capital ratio is declining, having reached a year-to-date low of 0.045. On July 29, ETH experienced record short-term inflows, while SOL reached a local high, but both are presently slowing. The cooldown for SOL is sharper, indicating a decreasing but noticeable ETH-led rotation.
The cooldown is sharper for SOL, signaling a fading but notable ETH-led rotation.
Over the last seven days, realized cap growth has slowed. BTC dropped from 6.66% to 5.46%, while SOL fell from 6.34% to 4.84%. ETH has shown some resilience, climbing from 5.32% to 6.41%.
In positive Ethereum news, gaming company SharpLink added 83,561 ETH last week, increasing its holdings to 522,000 ETH. In total, 64 corporations now own 2.96 million ETH, or 2.45% of the supply, valued $10.81 billion.
