Eric Trump mocked traders who were shorting ethereum as the cryptocurrency’s rally led to over $173 million in short contract losses.
ETH Rally Obliterates Short Contracts
On Aug. 8, Trump Organization Vice President Eric Trump mocked traders who were shorting Ethereum ( ETH) after the digital asset’s rally obliterated more than $173 million in short contracts. Writing on X, Trump said it puts “a smile on my face to see ETH shorts get smoked today.” He went on to advise traders to stop betting against both ETH and bitcoin ( BTC) and warned that those who disregard this “will be run over.”
Trump made the comments after ETH rallied to break past the $4,000 mark for the first time since December 2024. The digital asset’s impressive momentum was underscored by its performance at the time of writing, having surged by 25% over a single seven-day period to trade at approximately $4,240, demonstrating a bullish trend that has caught the attention of the likes of Trump.
As shown by Coinglass data on Aug. 9, more than 95,000 traders were liquidated, with total liquidations reaching $350.04 million. The data suggests that over the 24-hour period, there were significantly more short liquidations than long liquidations. During the period, the U.S. dollar value of liquidated ETH short contracts was slightly over $173 million, accounting for more than 60% of all shorts liquidated.
While the data appeared to validate Trump’s assertion, technical indicators showed ETH maintaining a bullish structure thus pointing to further agony for short bettors. For instance, a Bitcoin.com News report suggested that a breakout above $4,250 with volume could trigger a continuation toward $4,300 and potentially $4,500. At the time of writing, ETH was trading just under $4,250 with indications it could rally again.
Meanwhile, elsewhere on social media, users and proponents of ETH said it was only a matter of days before a new milestone was achieved.
