Ethereum (ETH) tracked a broader recovery in the crypto market, jumping over 5% in the past 24 hours as sentiment improved.
The token was last trading at $1,882.80, according to data from Coinmarketcap.com. But its latest bounce blindsided traders with a big short position on the token.
Data from Coinglass shows that a whopping $682 million short positions were liquidated in the past four hours, with a majority of these occurring on crypto exchange Bitfinex.
The exchange, which has a 100% short rate on Ethereum, saw nearly $670 million in liquidations in the past four hours, all of them short positions.
Ethereum sees its biggest single-day short liquidations in three years
With the liquidations on Bitfinex, Ethereum has seen its biggest amount of one-day liquidations in three years, according to data from CryptoQuant. Total liquidations in the past 24 hours stood at nearly $698 million, with 99.5% of these being short.
