Tom Lee says Ethereum is bottoming – A whale is betting $45M that he’s right

Volatility often goes hand in hand with speculation, and Ethereum is a clear example of this. The past 48 hours have been a rollercoaster for the altcoin. According to CoinGlass, nearly $300 million in long positions have been wiped out. However, this still does not compare to the liquidity squeeze seen earlier in October, which saw almost $500 million of positions liquidated as ETH broke below the $2.5k support level, triggering a 7% correction. This time, despite erasing nearly $300 million worth of long positions, ETH has corrected by just over 1%.