Explosive ETH, ADA, DOGE Moves Spur $800M in Short Liquidations, Highest Since 2023

BTC $ 102,614.85 + 3.68 % ETH $ 2,218.22 + 17.10 % USDT $ 0.9998 - 0.03 % XRP $ 2.3094 + 5.60 % BNB $ 625.71 + 2.72 % SOL $ 161.53 + 7.04 % USDC $ 1.0000 - 0.01 % DOGE $ 0.1944 + 8.04 % ADA $ 0.7588 + 8.26 % TRX $ 0.2547 + 1.79 % SUI $ 3.8664 + 7.43 % LINK $ 15.68 + 8.14 % AVAX $ 22.11 + 7.66 % XLM $ 0.2933 + 9.12 % SHIB $ 0.0₄1420 + 7.28 % BCH $ 417.13 + 0.59 % HBAR $ 0.1941 + 6.12 % LEO $ 8.8638 + 0.95 % HYPE $ 23.87 + 12.47 % TON $ 3.1982 + 3.07 % News Back to menu News Markets Finance Tech Policy Focus Prices Back to menu Prices Data Back to menu Data Trade Data Derivatives Order Book Data On-Chain Data API Research & Insights Data Catalogue AI & Machine Learning Indices Back to menu Indices Multi-Asset Indices Reference Rates Strategies and Services API Insights & Announcements Documentation & Governance Research Back to menu Research Consensus Back to menu Consensus Consensus 2025 Consensus 2025 Coverage Sponsored Back to menu Sponsored Thought Leadership Press Releases CoinW MEXC Phemex Advertise Videos Back to menu Videos CoinDesk Daily Shorts Editor's Picks Podcasts Back to menu Podcasts CoinDesk Podcast Network Markets Daily Gen C Unchained with Laura Shin The Mining Pod Newsletters Back to menu Newsletters The Node Crypto Daybook Americas State of Crypto Crypto Long & Short Crypto for Advisors Webinars & Events Back to menu Webinars & Events Consensus 2025 Policy & Regulation Conference English Select Language English en Español es Русский ru Português pt-br Filipino fil Українська uk Français fr Italiano it News Prices Data Indices Research Consensus Sponsored Sign In Sign Up Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Explosive ETH, ADA, DOGE Moves Spur $800M in Short Liquidations, Highest Since 2023 Bears are nursing their highest losses over two years as majors surged as much as 20%. By Shaurya Malwa May 9, 2025, 3:32 a.m. What to know : Ether surged 20%, leading a broad crypto rally and triggering over $750 million in short liquidations, the highest since 2023. Major altcoins like DOGE and Cardano's ADA rose more than 10%, while Solana's SOL, BNB, and XRP increased by at least 7%. The rally was fueled by bullish sentiment and a trade deal between the U.S. and the UK, with Binance and OKX accounting for over $500 million in liquidations. A broad crypto rally led by ether’s (ETH) 20% surge triggered more than $750 million in short liquidations in the past 24 hours, the highest single-day total since 2023 for bearish trades. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Data from CoinGlass shows that over 84% of the total liquidations came from shorts, with major altcoins jumping 10%–20% in the span of a few hours starting late Thursday. Ether led the charge with a 20% rise, pushing past $2,000 for the first time since early March. DOGE and Cardano’s ADA zoomed more than 10%, fueled by bullish sentiment and momentum trading, with Solana’s SOL, BNB and xrp (XRP) up at least 7%. Liquidations occur when an exchange forcibly closes a trader’s leveraged position due to insufficient margin. It happens when a trader cannot meet the margin requirements for a leveraged position, that is, when they don't have sufficient funds to keep the trade open. Large-scale liquidations can indicate market extremes, like panic selling or buying. A cascade of liquidations might suggest a market turning point, where a price reversal could be imminent due to an overreaction in market sentiment. As such, the uptick in crypto markets came as bitcoin surged above $100,000 on Thursday, with sentiment buoyed on a trade deal between the U.S. and the UK. The late Thursday wipeout ranks among the most severe since Bitcoin’s run to $93,000 in March, which saw bears lose over $550 million in a weekend squeeze. In April, a similar rally in ETH and DOGE erased $500 million in shorts — but this move surpassed both, showing renewed risk appetite and a crowded short trade setup. Coinglass data shows that the largest share of losses came from Binance and OKX, which accounted for more than $500 million in liquidations. ETH alone was responsible for over $310 million, while bitcoin-tracked futures led at $375 million. The short squeeze on ETH came as the asset had been rangebound for a few weeks amid falling institutional interest and retail sentiment. But Ethereum’s recent Pectra upgrade may be giving traders a reason to bet on the asset, some say. Shaurya Malwa Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN. X icon About About Us Masthead Careers CoinDesk News Crypto API Documentation Contact Contact Us Accessibility Advertise Sitemap System Status DISCLOSURE & POLICES CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . 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