• The liquidation unfolded across five orders in a 12-second window, vaporizing $24 million of the trader's cumulative

CoinGecko data shows ether's 17.8% surge to $2,252.49 on Aug 20 forced the Hyperliquid wallet pension-usdt.eth out of a 50,000 ETH short in a 12-second liquidation window that vaporized $24 million. The unwind executed across five liquidation orders that themselves pushed the price higher as the position collapsed. per CoinGecko, the trader had accumulated roughly $49 million in cumulative profits from shorting crypto before this single move erased nearly half. CoinGecko data at 14:00 UTC Aug 20 shows ether's 24-hour volume at $31 billion and total crypto market cap up 4.96% to $2.39 trillion. ETH dominance reached 11.3% as the rally broadened.

The liquidation mechanics

Hyperliquid's liquidation engine closed the 50,000 ETH short through five sequential orders as the price climbed. Each liquidation order became a market buy, adding upward pressure in a feedback loop that compressed the exit window to 12 seconds. Figures from the desk show the wallet's entry price on the short is not public, but the $24 million loss implies an average entry near $1,772, roughly the level ether traded at on Aug 13 before the seven-day rally began.

Seven-day price trajectory

CoinGecko data shows ether climbed from $1,873.06 to $2,252.49 over the past week, a 19.3% gain that accelerated sharply in the final two sessions. The 7-day closes show the inflection: per CoinGecko, the Aug 19 close at $2,083.16 marked the breakout above the prior week's range. Aug 20's move to $2,252.49 extended the rally another 8.1% in a single session.

Figures from the desk show total crypto market cap rose 4.96% to $2.39 trillion on Aug 20 with 24-hour volume of $123.3 billion. Bitcoin dominance held at 58.3% while ether's share climbed to 11.3%. The broad advance suggests the liquidation cascade coincided with, rather than solely drove, the session's momentum. CoinGecko data shows ether's $271.79 billion market cap ranks second behind bitcoin.

What happens next

The pension-usdt.eth wallet holds no known public positions after the liquidation. Hyperliquid's open interest data for ETH perpetuals will show whether other large shorts remain exposed above $2,250. The next resistance cluster sits near $2,320, the Aug 19 intraday high of $2,318.66. A daily close above that level would signal the short squeeze has further room. Funding rates on major exchanges turned positive during the rally, indicating leveraged longs are paying shorts, a condition that can sustain upward drift if spot demand persists.