The price of ETH, ADA, and DOGE coins skyrocketed, causing significant short positions liquidations on Binance and OKX exchanges, setting a new historical high.

Ethereum surged 20% and other cryptocurrencies jumped at the same time, but at the same time triggered more than $750 million in short liquidation, the highest level since 2023. Major altcoins such as DOGE Dogecoin and Cardano (ADA) are up more than 10%, while Solana's SOL, BNB, and XRP are up at least 7%. The bull run was driven by market sentiment and the trade deal between the United States and the United Kingdom, with cryptocurrency exchanges Binance and OKX also clearing more than $500 million (Short Liquidations), a record high.

Over the past 24 hours, more than $750 million in short positions have been liquidated.

Ethereum (ETH) surged 20%, leading other Crypto Assets in a big pump, but it triggered significant short positions liquidations in the past 24 hours. This marks the highest volatility in a single day for bets on a bearish market since 2023, indicating a mixed reaction where some celebrate with firecrackers while others are left to pick up cardboard boxes to sleep in parks. According to CoinGlass data, over 84% of total liquidations came from shorts, with major alts rising between 10% to 20% within hours starting late Thursday.

Ethereum leads the other altcoins in this bull run, breaking through 2,000 USD for the first time since early March. With the excitement of the bullish market sentiment and momentum trading, DOGE and Cardano (ADA) surged over 10%, while Solana (SOL), BNB, and XRP also rose at least 7%.

Liquidation occurs when an exchange forcibly closes a trader's leveraged position due to insufficient margin. Traders are liquidated on short positions when they cannot meet the margin requirements for their leveraged positions, meaning they do not have enough funds to maintain the trade.

Mass liquidations may indicate that extremely extreme conditions are present in the market at the moment, such as panic selling or buying. A series of liquidations may signal the arrival of a market turning point, and due to the excessive reaction of market sentiment, a price reversal may also be imminent. With the United States and the United Kingdom reaching a trade agreement, market sentiment is high, and Bitcoin surged above $100,000 on Thursday, with other Crypto Assets prices rising in tandem.

In April this year, ETH and DOGE also experienced a similar rebound, eliminating $500 million in short positions, but this time the pump exceeded previous levels, indicating that the market's risk appetite has been reignited.

The largest liquidation comes from Binance and OKX exchanges.

Coinglass data shows that the two exchanges with the largest liquidation amounts are Binance and OKX, with ETH alone providing over 310 million USD in liquidation, while Bitcoin futures offered 375 million USD in liquidation amounts, breaking previous records.

Due to the previous decline in retail sentiment, ETH has been in a state of fluctuating within a range for several weeks, resulting in short positions being squeezed. However, some have indicated that Ethereum's recent Pectra upgrade may have rekindled traders' interest in betting again, leading investors to take an interest in ETH once more.

This article discusses the sharp increase in the prices of ETH, ADA, and DOGE, leading to significant short positions liquidations on the Binance and OKX exchanges, setting a new all-time high, first appearing in Chain News ABMedia.