$ETH traders lost 356M to liquidations in 24 hours, more than the 298M wiped out on bitcoin, even though ether is worth less than a fifth of bitcoin's market cap. That ratio is the story here, not the price.
The flush landed on October 9. Total crypto liquidations hit 1.19B, of which more than 1B came from long positions. The single biggest casualty was a nearly 20M ether position on Hyperliquid. The trigger was macro and dated: rising US Treasury yields, oil pushing higher, and the AI risk warnings that have been rattling leveraged books all week. None of it was ether specific, which is why the damage tracked leverage instead of fundamentals.
Here is the part almost nobody checked afterwards. The long/short account ratio on ETH perps printed 2.68, then 3.38, then 3.36 over the last three days. The crowd did not de-risk after being wiped out. It rebuilt the exact same positioning and now carries 3.36 longs for every short. Funding sits at 0.0063%, so holding those longs costs almost nothing, which is precisely how the next flush gets financed. Open interest is 2.35M ETH.
Price itself barely moved: 2,488 right now, up 0.5% on the day and down 6.8% on the week. Volume is 424M against a 750M thirty day average, so this rebound is running on 57% of normal participation.
Levels from the chart: 2,777 is the supply that rejected price, 2,636 is the first support, and the demand zone this flush opened runs from 2,359 to 2,390. The thirty day low is 2,358.88, so that zone has been tested once and it held.
Follow me for daily positioning breakdowns like this one.
#Ethereum #ETH #Liquidations #crypto #altcoin
The flush landed on October 9. Total crypto liquidations hit 1.19B, of which more than 1B came from long positions. The single biggest casualty was a nearly 20M ether position on Hyperliquid. The trigger was macro and dated: rising US Treasury yields, oil pushing higher, and the AI risk warnings that have been rattling leveraged books all week. None of it was ether specific, which is why the damage tracked leverage instead of fundamentals.
Here is the part almost nobody checked afterwards. The long/short account ratio on ETH perps printed 2.68, then 3.38, then 3.36 over the last three days. The crowd did not de-risk after being wiped out. It rebuilt the exact same positioning and now carries 3.36 longs for every short. Funding sits at 0.0063%, so holding those longs costs almost nothing, which is precisely how the next flush gets financed. Open interest is 2.35M ETH.
Price itself barely moved: 2,488 right now, up 0.5% on the day and down 6.8% on the week. Volume is 424M against a 750M thirty day average, so this rebound is running on 57% of normal participation.
Levels from the chart: 2,777 is the supply that rejected price, 2,636 is the first support, and the demand zone this flush opened runs from 2,359 to 2,390. The thirty day low is 2,358.88, so that zone has been tested once and it held.
Follow me for daily positioning breakdowns like this one.
#Ethereum #ETH #Liquidations #crypto #altcoin