Ethereum Price Surge Sparks Massive Liquidations, Hits Highest Since 2021

• Ethereum saw $6.88 million in short liquidations during today’s price volatility.
• BitMine’s purchase of 264,378 ETH boosts its holdings to over 2% of the total supply.
• The Perps Basis % for Ethereum futures shows a slight negative bias at -0.08%.

Ethereum Experiences Largest Liquidation Event in Over Two Years

The cryptocurrency market experienced heightened volatility today as Ethereum (ETH) saw its largest liquidation event since May 2021. Ethereum’s price surged briefly to $4,169.41 but faced rapid fluctuations that triggered massive liquidations, especially in short positions. 

Short liquidations amounted to $6.88 million, dominating the market, while long liquidations were comparatively smaller at $340,700.

This sharp price movement created turmoil for leveraged traders, particularly those holding short positions. As the market shifted rapidly, traders who had bet against Ethereum faced the brunt of the liquidations. 

Ethereum’s futures market saw a slight negative bias, with the Perps Basis % recorded at -0.08%. This reflects the unsettled market conditions that are common during periods of volatility.

BitMine Immersion Purchases Over 264,000 ETH

In another noteworthy development, BitMine Immersion, a publicly traded company, acquired 264,378 ETH, bringing its total Ethereum holdings to over 2.42 million coins. This acquisition now makes up more than 2% of the total Ethereum supply. 

While some market analysts are focused on this large accumulation, there is growing concern over the concentration of Ethereum holdings in the hands of a few entities.

Companies like BitMine’s increased accumulation of ETH could potentially impact the market in the future. If such large entities hold significant portions of the supply, their buying or selling decisions could lead to increased volatility. 

Given the size of these companies’ market positions, this has led to concerns about potential price manipulation risks. Ethereum investors and analysts are closely monitoring these developments to understand how they may affect the broader market.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.