$151 million in ETH liquidations occurred in the past 24 hours, with $93 million from shorts.
Ethereum’s open interest on Binance has exceeded $10 billion, marking one of the highest levels recorded this year.
Analysts from CryptoQuant report that market-wide short positions have surged 500% since November 2024, rising 40% in just the past week.
This shift suggests that a potential short squeeze could unfold if prices break higher.
Institutional demand has intensified as ETFs collectively purchased $1 billion in ETH, according to Arkham Intelligence data.
BlackRock acquired $640 million, Fidelity added $270 million, and Grayscale bought $80 million worth of Ethereum. According to analysts, this influx of institutional capital could amplify volatility in the short term.
The derivatives market has reacted sharply, with liquidations totaling $151 million in the last 24 hours, Coinglass data shows.
Of this, $93 million came from short positions, while $58 million was from longs. This imbalance may force aggressive covering if ETH prices keep climbing.
On-chain data reveals continued large-scale buying from corporate and publicly traded entities. SharpLink acquired an additional 5,226 ETH worth $23.1 million, increasing its total holdings to 604,026 ETH valued at $2.69 billion.
This accumulation trend is mirrored by Bitmine Immersion’s plan to raise up to $20 billion to expand its Ethereum reserves.
Ethereum’s spot price is trading around $4,234, nearing the $4,700 cost basis level for active investors, according to Glassnode.
The price action also mirrors Ethereum’s 2016-2017 fractal pattern, which preceded a parabolic rally to all-time highs. Historical comparisons suggest further upside potential if similar conditions play out.
Market structure indicators also highlight growing strength in altcoins. Glassnode data shows a large and sustained drop in Bitcoin dominance, often associated with capital rotation into Ethereum and other major altcoins.
As per analysts, this macro backdrop, combined with rising institutional inflows, sets a favorable stage for ETH’s next move.
