The cryptocurrency market is experiencing substantial short position liquidations in both Bitcoin and Ethereum amid price surges. Bitcoin shorts valued at approximately $18.5 billion are set to be liquidated if the price reaches $130,000, while $14 billion in Bitcoin shorts face liquidation at a $125,000 price level. Recent activity includes $30 million worth of Bitcoin shorts liquidated within a 60-minute period. Ethereum shorts are also under pressure, with $1.32 billion expected to be liquidated at a $4,700 price point and $1 billion on Binance, OKX, and Bybit alone at $4,300. Ethereum liquidations reached $296.55 million in the past 24 hours, including $135 million in shorts liquidated within one hour as the price surged past $4,600, marking its highest level since 2021. Open interest in Ethereum options has climbed to $13.75 billion, the highest this year and near the March 2024 all-time high of $14.6 billion. Ethereum futures open interest recently hit a new all-time high of approximately $35.5 billion as the spot price approached $4,590. Additionally, $1.8 billion in Ethereum shorts could be liquidated if the asset hits a new all-time high, with open interest nearing $60 billion as ETH hovers near its peak. These developments indicate elevated derivatives positioning and increased volatility in the crypto market, with leveraged positions concentrated and setting the stage for potential larger price movements.