It’s a peculiar thing, what happened out there on the plains of the digital markets, almost the way a dust storm slides in from nowhere to shake up the cattle. Ethereum, that restless younger brother to Bitcoin, has gotten itself into a spot of bother that made the men in hats at CoinGlass sit up straight and spill their morning coffee.
When the Dust Blew: Ethereum Out-misfortuned Bitcoin 😲
Imagine walking into the saloon expecting the usual suspects to have lost the most coin, but today, no—it’s Ethereum’s folks we see slumped over, chips scattered, cursing destiny. In the last 24 hours, $105 million in liquidations—yes, that’s million with a grin and a groan—while Bitcoin trailed behind with a modest $81.4 million. There’s a first time for everything, and this kind of reckoning ain’t happened yet this month.
And who took the worst of it? Longs. Those hopeful souls betting on sunnier skies, their dreams worth $56.38 million, swept away in the storm. Shorts lost $48.65 million—a respectable misfortune, but the longs sure had it harder.
Over at the Bitcoin table, long traders only—we say “only” in the way a rancher calls a rattlesnake “friendly”—lost $21.78 million, while shorts got their pockets turned inside-out to the tune of $60.06 million. The gamblers are lining up, expecting things to get wild, and boy, the price volatility gods are hungry.
Does Ethereum stand a chance to rise up from this muddy field? Folks say, “Well, maybe, if Bitcoin blazes a trail for the rest.” Mind you, the price of Bitcoin only hiccupped down by 0.04%—that’s less than your grandma’s pie cooling on the windowsill. Even so, across the week, it galloped up by 10.7%. Saloon talk is: don’t count your chickens yet if you’re holding ETH.
The Long Road Back: Ethereum’s Redemption Song 🫠
But don’t think hope is dead. Ethereum’s out there patching its wounds. In only 24 hours, price jostled up 1.8% to $2,564. Weekly and monthly, it’s put on weight like a pig before state fair: 41.8% and 60.9% respectively. But the cheers were muffled when folks saw daily trading volume fell off 17.5% to $26.9 billion—still enough to buy every pie west of the Mississippi, but not as lively as yesterday.
Mind you, some starry-eyed analysts are still waving their hats, claiming ETH can hit $3,000 soon, and the reasons? Whales stashing ETH like it’s canned beans before the apocalypse, staking as far as the eye can see, and the charts—oh, those beautiful, lying charts!
There’s a mule named Pectra set to lead ETH toward greener pastures. Its mainnet launch—spurred by the likes of Circle’s own Jeremy Allaire—has folks convincing themselves it’s the “pivotal” moment, or at least something you say at the poker table to sound smart.
In short, the market is wild, the ranchers are nervous, and no one can predict if it’s beans or gold in tomorrow’s pot. But, as always, whatever happens, someone’s bound to write about it as if they always saw it coming. 🤠
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2025-05-12 17:02