Ethereum’s breakout past $4,800 sparked nearly $400 million in liquidations, underscoring the heavy leverage that traders held before the rally.
Data shows that over the past 24 hours, roughly $388 million worth of Ethereum positions were liquidated—the highest among all cryptocurrencies—while total crypto liquidations reached $769 million, forcing more than 183,000 traders to exit. The largest single liquidation was a $10 million ETH swap on OKX, an unusually large figure given Ethereum typically ranks second to Bitcoin in leveraged trades.
This wave of liquidations highlights how volatile leveraged trading can be in crypto markets. When prices shift rapidly, exchanges automatically close losing positions to protect themselves, often resetting the market and paving the way for fresh gains.
The surge came after Federal Reserve Chair Jerome Powell hinted at potential rate cuts in September, lifting Ether nearly 15% to an all-time high of $4,885. Bitcoin also rose, gaining 4% to $113,000, while the broader CoinDesk 20 Index climbed 9%.
Analysts note that the rally is fueled not only by macroeconomic optimism but also by institutional adoption and growing corporate treasury allocations. Many now see Ethereum as a favored blockchain on Wall Street.
“Ethereum’s new record reflects demand that extends beyond Bitcoin,” said Samir Kerbage, Chief Investment Officer at Hashdex. “We expect Ether to break $10,000 as stablecoin payment solutions develop in the U.S.”
The $10,000 price target, once viewed as far-fetched, is gaining credibility as Ethereum solidifies its role as the leading platform for smart contracts, tokenization, and stablecoins. Year-to-date, ETH has risen approximately 45%.
