Ether's leveraged buyers just absorbed a concentrated flush. In the last 30 minutes, $47.6M of $ETH long positions were liquidated across the major venues. Exchanges closed them once the margin behind them could no longer cover the losses.
Bets on a lower Ether came off far lighter, with $1.1M liquidated in the same window.
The pressure from this burst sits almost entirely with traders who borrowed to bet on a rise.
Bets on a lower Ether came off far lighter, with $1.1M liquidated in the same window.
The pressure from this burst sits almost entirely with traders who borrowed to bet on a rise.