On August 22, the Ethereum rate crossed the $4,880 mark for the first time since November 2021, and now the official rate is approximately $4,718. The accelerated growth of the asset has caused large-scale liquidations on the futures market.
On August 22, the Ethereum rate crossed the $4,880 mark for the first time since November 2021, and now the official rate is approximately $4,718. The accelerated growth of the asset has caused large-scale liquidations on the futures market.
According to Incrypted, the asset surpassed its previous all-time high after rising more than 14% in a single day. This led to a total liquidation of $769 million in positions — $388 million of which went to traders with short Ethereum contracts. In total, this hit 183,695 market participants, including Bitcoin crypto traders who lost $112 million on short positions.
If the price drops to $4,220, experts warn of a potential liquidation of long positions worth $6.45 billion. Along with the price jump, Ethereum’s market capitalization surpassed $573 billion, up 10,7%. At the same time, open interest in ETH futures increased to $33.2 billion.
After brief corrections in August, large investors («whales») became active: in the middle of the month they bought Ethereum for $280 million. This indicates their long-term faith in the asset, especially against the backdrop of the volatility of the retail segment.
BitMEX exchange co-founder Arthur Hayes predicts that ETH could surpass the $10,000–$20,000 range in the current market cycle, citing the growth of the DeFi sector and institutional interest in the Ethereum platform.
Ethereum’s recovery and record growth demonstrate its gradual transformation from a technology platform to an asset in high demand among institutions. ETH’s massive capital raising, increasing liquidity, and innovative potential are stimulating the emergence of new financial instruments based on the Ethereum blockchain. This is what guarantees the asset an important role in the next cycle of crypto market development.
Recall, in August we also wrote about how Bitcoin rose by 0,9% to $124,002.49, surpassing its previous peak in July.
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