Ethereum price bottom faces a test after nearly $300M in long liquidations

A trader’s $45.3 million leveraged bet is backing the bullish side of the debate over an Ethereum price bottom near $2,000. Tom Lee’s bottoming thesis has support from one striking liquidation window: nearly $300 million in long positions were wiped out over 48 hours, yet ETH declined just over 1%. Weakening staking demand and persistent ETF withdrawals point the other way. Key takeaways Ethereum absorbed nearly $300 million in long liquidations with a limited price decline. A trader claiming a perfect record opened a $45.3 million position at 25x leverage. Staking demand and ETF flows challenge the bullish bottoming thesis.