ETH Short Squeeze Liquidates $157M Shorts as Price Climbs to $1,702

Ethereum and Solana staged a sharp short squeeze on July 3, erasing $281 million in bearish positions and forcing 95,690 traders out of the market. The move followed an unverified July 2 claim that whale “sat0shi777” was liquidated on a 31,600 ETH short, highlighting how crowded negative funding and clustered liquidation levels above price can trigger rapid reversals. ETH rose 4.2% on the day to roughly $1,702 and 9.7% for the week, while SOL jumped about 18.6% to near $80, with the largest single hit an $18.2 million ETH position on Hyperliquid.