Ethereum Bear Liquidated for $23M as ETH Eyes $3K, BTC Notches New ATH

Bears shorting the market continue to be on the wrong side of the spectrum as almost all cryptocurrencies are charting more gains ever since Donald Trump won the 2024 US presidential elections.

In the past few hours alone, BTC tapped a fresh peak at over $77,000, while ETH is itching closer to $3,000, and a particular whale was caught off guard on BitMEX.

It has been a rather spectacular week for the cryptocurrency market. It all started as it became evident Trump will be the next US president on Wednesday morning. Bitcoin, which has been praised by the Republican candidate during his campaign this time, led the charge and broke its March all-time high of $73,737 on Wednesday.

That was just the beginning for the largest digital asset as it kept pumping after the Fed’s rate cute yesterday to notch a then-all-time high of $76,800. After a brief retracement today, BTC went back on the offensive hours ago and exceeded $77,000 for the first time ever. CoinGecko data shows that its current all-time high is at $77,020.

But the altcoins are left behind no more. Ethereum has awakened after its sluggish summer and skyrocketed by 19% on a weekly scale. As such, ETH is close to $3,000 for the first time in over three months.

Data from CoinGlass shows that these price increases have led to over $260 million in liquidations over the past day. More than 90,000 over-leveraged traders have been wrecked, while the single-largest position took place on BitMEX and it was a big one.

Interestingly, this time the whale in question had shorted Ethereum, unlike the previous BTC bear from earlier this week. The value of the wrecked position is close to $23 million.

Liquidation Heat Map. Source: CoinGlass