• Ethereum’s profits rise as trading activity increases due to USDC and SVB saga
• Short sellers face the heat as their positions get liquidated

The aftermath of the collapse of SVB and Signature bank has been felt by the stablecoin market and various holders alike. However, Ethereum [ETH] managed to benefit from the chaos that ensued following these events.

Read Ethereum’s Price Prediction 2023-2024

According to data provided by Token Terminal, Ethereum managed to earn a profit of $10 million over the last few days. Ethereum managed to achieve this feat despite the decline in daily active users on the network. This, due to the fact that the volume of trading activities and swaps appreciated during this period.

Thanks to the high activity on the Ethereum network, the overall gas being used on the network rose as well. The uptick in activity on the network was also accompanied by a surge in ETH’s prices.

A short squeeze

This surge in price impacted traders who were holding short positions against ETH.

In fact, according to Glassnode, the short liquidations for Ethereum on Binance hit a 2-year-high of $15.09 million.

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Author: Himalay Patel

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