Ethereum’s surge past $4,800 triggered $388 million in liquidations in 24 hours, marking the heaviest flush across all crypto assets. Over 183,000 traders were forced out of positions, with a $10 million ETH swap order on OKX being the biggest hit. Liquidations highlight the fragility of positioning in the crypto market.

The marketwide liquidation of $769 million can reset the market for a cleaner bounce. Long liquidations can spark the next leg higher, while short wipes may fuel further gains. Ether soared almost 15% to a record $4,885, while Bitcoin gained 4% to $113,000. The CoinDesk 20 Index climbed 9%.

Ether’s rally to a new all-time high isn’t just a macro trade. Institutional buying and treasury allocations are fueling speculation that Ethereum could become Wall Street’s preferred blockchain. Analysts predict ETH could surpass $10,000 as stablecoin solutions are implemented for U.S. payments, with a year-to-date gain of 45%.

The $10,000 target for Ethereum, once seen as overly optimistic, is now more attainable as it solidifies its role in stablecoins, tokenization, and smart contracts. Investor demand beyond Bitcoin is evident, with ETH becoming a key player in the crypto space.

Read more at Yahoo Finance: Ethereum Bets See Unusually High $400M Liquidations as Some Now Target $10K ETH