Ethereum Breaks $3,600 Barrier as $236M in Shorts Get Liquidations

The liquidation event wiped out short bets on centralized platforms, lifting Ethereum’s price above $3,600 in a decisive market surge. Traders across Binance and BitMEX saw stop-loss orders activate after a sudden 9% price jump in ETH trading.

According to data from Phoenix Group, a crypto analytics firm, Ethereum recorded $236.57 million in liquidated short positions within 24 hours on July 17. The price spike lifted ETH from around $3,300 to over $3,600, outpacing Bitcoin’s gains and driving daily ETH trading volume to $132 billion. Analyst Ryan Watkins described the surge as a “regime change” in the market.

The broader crypto market saw $545 million in total liquidations across all assets, with Bitcoin accounting for $156 million and Ethereum shorts making up nearly half the losses. On BitMEX, shorts comprised 98.96% of liquidations, showing the heavy concentration of bearish bets on ETH.

Futures open interest on Ethereum rose 8.7% and futures volume climbed 27%, indicating fresh long positions entered as momentum accelerated. The trading activity occurred primarily on Binance, which processed the largest volume of liquidations.

Exchange data shows the liquidations began around 14:00 UTC and continued through the trading session. Most liquidated positions were leveraged between 10x and 50x, amplifying the impact of the price movement.

The liquidation event follows a period where Ethereum hovered around $3,300 since early July. Short interest had built up significantly before the price breakout, with many traders betting against further ETH gains.