Ether surged 8.3% intraday on September 11, briefly topping $2,600 for the first time in months. More than $255 million in Ether short positions were liquidated over 24 hours, with roughly $188 million wiped out in a single hour. Total crypto market liquidations exceeded $500 million, with the overwhelming majority coming from short positions. Bitcoin saw approximately $172 million in short liquidations during the same window, though its price gains were comparatively modest at under 4%. This divergence reflects more aggressively bearish positioning on ETH heading into better-than-expected US economic data, which triggered the short squeeze.
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