Ethereum Shorts Suffer $250 Million Blow as ETH Approaches Record Highs

Traders betting against Ethereum (ETH) faced substantial losses as short positions exceeding $250 million were liquidated when Ethereum’s value surged towards its all-time high. The unexpected spike in ETH price indicates intense pressure on short sellers, triggering liquidations that forced them to buy ETH to cover losses, further amplifying the upward momentum. This surge is attributed to various factors, including growing optimism surrounding upcoming network upgrades and increased institutional interest in the cryptocurrency. Furthermore, the current macroeconomic conditions have contributed to supporting risk-on assets like Ethereum. Analysts suggest that continued momentum could propel Ethereum past its previous peaks, leading to further losses for those shorting the asset.