$400M in liquidations shake Ethereum positions as bullish traders push toward a $10K ETH milestone.

Ethereum’s climb above $4,800 triggered nearly $400 million in liquidations over the last 24 hours, revealing just how heavily leveraged traders were before the price surge.

According to data, around $388 million in ETH positions were forcibly closed, the largest liquidation event across all cryptocurrencies. Overall, the crypto market saw $769 million in liquidations, impacting over 183,000 traders. Notably, the biggest single liquidation involved a $10 million ETH swap on OKX, an unusually large trade size for Ethereum, which typically ranks behind Bitcoin in leveraged activity.

This sharp liquidation wave illustrates the fragility of leveraged bets in crypto markets. Rapid price movements cause exchanges to automatically close losing positions, often clearing the way for a renewed price advance.

The price surge followed Federal Reserve Chair Jerome Powell’s remarks hinting at possible interest rate cuts in September, propelling Ether up nearly 15% to a record $4,885. Bitcoin also gained ground, rising 4% to $113,000, while the broader CoinDesk 20 Index jumped 9%.

Experts emphasize that the rally isn’t solely driven by macro factors. Increased institutional interest and corporate treasury investments are creating strong support for Ethereum, positioning it as a preferred blockchain among major investors.

“Ethereum’s new all-time high shows demand extending well beyond Bitcoin,” said Samir Kerbage, CIO at Hashdex. “We believe ETH will surpass $10,000 once stablecoin payment solutions gain traction in the U.S.”

Once considered an optimistic forecast, the $10,000 price target is now more widely accepted as Ethereum cements its role as the leading platform for smart contracts, tokenization, and stablecoins. ETH has surged about 45% so far this year.