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Ether surged as much as 8.3% Friday, while Bitcoin gained less than 4%, as liquidations of bearish leveraged positions fueled a broader cryptocurrency rally. Coinglass data showed more than $255 million in Ether shorts and $172 million in Bitcoin shorts were liquidated over 24 hours, with roughly $500 million in positions across digital assets wiped out in both directions. On Binance, about $76 million in Ether positions were liquidated, mostly shorts. LO:TECH’s Adam McCarthy said the short squeeze intensified the rally as bearish traders paid to maintain positions amid an 8% rise. Both tokens later retreated from their intraday highs.