Early this morning, the cryptocurrency market experienced its strongest single-day rebound in recent times. According to market data, ETH/USDT is now trading at $2043, up 13.77% over the past 24 hours, marking the largest intraday increase since February 6. Bitcoin also surged over 7%, approaching the $69,000 mark at one point.

The direct catalyst for this surge was a "short squeeze" in the derivatives market. Data shows that over the past 24 hours, the total liquidation amount across the entire network reached $585 million, with short liquidations accounting for $474 million, over 81%. Ethereum's short liquidations totaled $179 million, more than six times the long liquidations of $29.18 million. This "short squeeze" scenario created a positive feedback loop—rising prices triggered forced liquidations of short positions, which in turn pushed prices higher.
Market analysts note that this rebound ended the ongoing correction trend since the high point in October last year, with market capitalization increasing by approximately $170 billion. A co-founder of Orbit Markets stated that this may reflect a "buy-the-dip" behavior following sustained selling.
Key Points
Price Performance: ETH surged 13.77%, breaking above $2100, the largest increase since February.
Liquidation Data: Total liquidations over 24 hours reached $585 million, with shorts accounting for 81%, and ETH short liquidations at $179 million.
Nature of the Rebound: A short squeeze driven by short covering, creating a positive feedback loop that pushes prices higher. $ETH