Ethereum: $160M in shorts get wiped out – Will ETH’s rally last?

Key Points

1. Ethereum's breakout above $3,700 resulted in over $160 million in liquidations, following a similar $195 million wipeout at the $3,500 level.

2. 7-day Netflow surged by 171.75%, indicating renewed interest, but 90-day Netflows remained bearish (-2512.17%), suggesting long-term distribution.

3. 90-day Spot Taker CVD showed Taker Sell Dominant behavior, with sell orders outpacing buys, indicating lack of conviction from spot participants.

4. Derivatives market signals bearish recalibration, with Long/Short Ratio at 0.96 (51.01% short vs. 48.99% long).

5. Weighted Sentiment cooled post-breakout (+1.48), and Social Dominance data hinted at weakening upward momentum without strong catalysts.