ETH Shorts Liquidated for $113M as Ethereum Hits $1,980 on July 27

On July 27, Ethereum (ETH) surged 4.5% to peak at $1,980 on Bitstamp, wiping out $113 million in short positions within 24 hours according to Coinglass data. ETH's market capitalization jumped to $237 billion, reclaiming levels not seen since June 2.

The rally was driven by sustained spot ETH ETF inflows of $104 million between July 20-24 and Circle's receipt of final U.S. Office of the Comptroller of the Currency (OCC) approval to establish a national trust bank, strengthening USDC infrastructure on Ethereum's settlement layer.