Ethereum’s recent rally past $4,800 sparked nearly $400 million in liquidations within 24 hours, highlighting the intense leverage among traders ahead of the move.
Data reveals that about $388 million worth of ETH positions were liquidated, marking the largest single-asset wipeout in the crypto market during this period. Across the board, total liquidations hit $769 million, impacting over 183,000 traders. A standout event was a $10 million Ethereum swap liquidated on OKX, an unusually large amount for ETH, which typically sees fewer mega liquidations compared to Bitcoin.
These forced closures emphasize the riskiness of leveraged positions in crypto, where swift price changes trigger automatic liquidation by exchanges. Such cleansing events can often pave the way for stronger, more sustainable price moves.
The catalyst for this surge was Federal Reserve Chair Jerome Powell’s hint that interest rates may be cut as early as September. Ethereum responded with a nearly 15% jump to a new all-time high of $4,885. Meanwhile, Bitcoin climbed 4% to $113,000, and the broader CoinDesk 20 Index rose 9%.
Analysts note that the upswing isn’t just about macroeconomic signals. Growing institutional buying and corporate treasury allocations have added momentum to Ethereum’s price, signaling its growing acceptance among major financial players.
“Ethereum hitting a fresh record demonstrates investor demand that goes beyond Bitcoin,” said Samir Kerbage, CIO at Hashdex. “The path to $10,000 ETH looks clearer once stablecoin payment frameworks are operational in the U.S.”
The $10,000 price level, once considered ambitious, is gaining traction as Ethereum solidifies its position as the leading platform for smart contracts, stablecoins, and tokenization. Year-to-date, ETH has gained 45%.
