Over the past several days, the cryptocurrency market has experienced substantial liquidations of short positions, particularly in Ethereum (ETH) and Bitcoin (BTC). Within a single hour on August 22, 2025, approximately $200 million in shorts were liquidated, including $112 million in ETH shorts. This figure increased to around $250 million in crypto shorts liquidated over four hours, with ETH shorts accounting for $250 million during the same period. In the last 24 hours, liquidations of ETH shorts ranged from $178.9 million to $283 million, with some reports indicating nearly $500 million worth of crypto shorts liquidated overall. By August 23, $198 million in ETH shorts were liquidated in 24 hours. Market watchers have highlighted a looming liquidation event of $2.2 billion in ETH shorts if the price of Ethereum reaches $5,000, a level it was approaching from $4,900. Other figures estimate this liquidation threshold at $1.63 billion to $1.65 billion in ETH shorts. Additionally, significant long position liquidations have occurred, including $250 million in crypto longs in 30 minutes and over $543 million liquidated from more than 130,000 traders in 24 hours. Bitcoin also saw rapid price declines, including a $4,000 drop in minutes, contributing to a $3 billion wipeout in open interest across BTC and ETH in a short timeframe. These liquidations underscore heightened volatility and potential cascading effects in the crypto market as key price levels are tested.