ETH short worth $32.72M partially liquidated as price rebounds

The story here is margin proximity, not the size of the position: a remaining short sits only a few dollars from its liquidation trigger, meaning the next leg higher could force further buying that itself pushes price toward that level. That reflexivity is what makes single-address leverage worth tracking in thin conditions. The affected party is the position holder, but the broader read is how quickly a rebound converts crowded short exposure into forced exits. Whether ETH holds below that trigger, or the liquidation cascade extends, is the open question.