This round of Ethereum’s worst performers aren’t the shorts—it’s the late-to-the-party longs that chased the price.
In the past 24 hours, Ethereum’s total liquidations across the network were $189 million; shorts were $146 million, accounting for nearly 80%, and last night’s short squeeze was brutal. Over the past 24 hours it’s still up 1.4%; current price is $2736.
But if you break down the timing, the wind direction changed early. In the past 12 hours, liquidations totaled $27.12 million; longs accounted for $24.05 million—nearly 90% of those getting chopped were the ones chasing long positions. In the 4-hour window, longs held 75%, not a single-time dump—it's been a sustained cut.
The reason isn’t complicated: from the 24-hour high of 2806 it dropped to 2736—down only 2.5%. The leveraged long positions at the top couldn’t take it first. Over the whole day, there were 11,944 trades; average size was $16,000. Mostly it’s small retail positions.
A market that’s still rising—those who got pumped first then became the ones chasing long. This means the positions they chased were too poor.
Do you think it can still make a second push up to 2800?
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