BTC
$102,526.07
+
3.67%
ETH
$2,219.03
+
17.09%
USDT
$0.9998
–
0.03%
XRP
$2.3047
+
5.63%
BNB
$625.32
+
2.71%
SOL
$161.37
+
7.08%
USDC
$1.0000
–
0.00%
DOGE
$0.1940
+
8.15%
ADA
$0.7577
+
8.34%
TRX
$0.2545
+
1.84%
SUI
$3.8558
+
7.53%
LINK
$15.67
+
8.11%
AVAX
$22.07
+
7.77%
XLM
$0.2926
+
9.14%
SHIB
$0.0₄1419
+
7.34%
BCH
$416.70
+
0.65%
HBAR
$0.1939
+
6.17%
LEO
$8.8624
+
0.95%
HYPE
$23.83
+
12.39%
TON
$3.2010
+
3.00%
May 9, 2025, 3:32 a.m.
- Ether surged 20%, leading a broad crypto rally and triggering over $750 million in short liquidations, the highest since 2023.
- Major altcoins like DOGE and Cardano’s ADA rose more than 10%, while Solana’s SOL, BNB, and XRP increased by at least 7%.
- The rally was fueled by bullish sentiment and a trade deal between the U.S. and the UK, with Binance and OKX accounting for over $500 million in liquidations.
A broad crypto rally led by ether’s (ETH) 20% surge triggered more than $750 million in short liquidations in the past 24 hours, the highest single-day total since 2023 for bearish trades.
STORY CONTINUES BELOW
Data from CoinGlass shows that over 84% of the total liquidations came from shorts, with major altcoins jumping 10%–20% in the span of a few hours starting late Thursday.
Ether led the charge with a 20% rise, pushing past $2,000 for the first time since early March. DOGE and Cardano’s ADA zoomed more than 10%, fueled by bullish sentiment and momentum trading, with Solana’s SOL, BNB and xrp (XRP) up at least 7%.
Liquidations occur when an exchange forcibly closes a trader’s leveraged position due to insufficient margin. It happens when a trader cannot meet the margin requirements for a leveraged position, that is, when they don’t have sufficient funds to keep the trade open.
Large-scale liquidations can indicate market extremes, like panic selling or buying. A cascade of liquidations might suggest a market turning point, where a price reversal could be imminent due to an overreaction in market sentiment.
As such, the uptick in crypto markets came as bitcoin surged above $100,000 on Thursday, with sentiment buoyed on a trade deal between the U.S. and the UK.
The late Thursday wipeout ranks among the most severe since Bitcoin’s run to $93,000 in March, which saw bears lose over $550 million in a weekend squeeze.
In April, a similar rally in ETH and DOGE erased $500 million in shorts — but this move surpassed both, showing renewed risk appetite and a crowded short trade setup.
Coinglass data shows that the largest share of losses came from Binance and OKX, which accounted for more than $500 million in liquidations. ETH alone was responsible for over $310 million, while bitcoin-tracked futures led at $375 million.
The short squeeze on ETH came as the asset had been rangebound for a few weeks amid falling institutional interest and retail sentiment. But Ethereum’s recent Pectra upgrade may be giving traders a reason to bet on the asset, some say.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
