The crypto market just reminded short sellers why fighting the trend is expensive. In a single 24-hour window, more than $437 million in Ethereum short positions were forcibly closed, part of a broader liquidation event that wiped out over $1.2 billion across roughly 257,000 traders.
Short positions bore the brunt of the damage. Nearly $900 million of that total came from traders betting prices would fall.
What actually happened
Bitcoin reclaimed $100,000 and briefly touched $103,000. Ethereum did something even more dramatic, posting its largest single-day gain in over four years, rising more than 20% to around $2,300.
When prices move that fast, leveraged short positions don’t get a polite warning. They get liquidated.
