Claim that ETH accounts for 60% of liquidations trends｜Don’t quietly swap the denominator for the entire market｜I’m waiting for a reclaim of 2,400
My stance is to stay defensive first, and not automatically interpret high liquidation figures as meaning “the shorts are all out.” A topic claiming “Ethereum accounts for 60% of crypto market liquidations” appeared on Binance Square’s trending list. Checking the CoinGlass snapshot cited by Binance News at the time, the article put the notional value of ETH contract liquidations at about $286 million and BTC at about $197 million. Dividing $286 million by their combined total gives roughly 59%, so “about 60%” can describe ETH’s share of these two major assets. But the report also lists liquidations in other assets, including SOL and ZEC, so you can’t quietly change the denominator from those two coins to “the entire crypto market.” Different outlets also took their snapshots at different times, and the figures change continuously. What concerns me more is whether this framing might lead traders to mistakenly believe the risk has already been flushed out.
Notional liquidation value is not the same as the cash traders actually lost, nor does it mean ETH has been permanently destroyed on-chain. When highly leveraged positions fall short of their margin requirements, they are forcibly liquidated. Market orders can hit an already thin order book, potentially amplifying the interaction between falling prices and stop-losses. But the end of this mechanical selling pressure does not guarantee that fresh spot demand will immediately step in. The official U.S. September CPI figure of 3.7% year over year remains part of the macro backdrop. On October 14, U.S. spot ETH funds recorded net outflows of about $129.5 million in total, according to Farside’s fund-by-fund table. That figure reflects flows from the previous trading day and cannot be used directly to explain liquidation figures from a particular hour today.
The market itself has yet to confirm a recovery. At the time of writing, the latest Kraken ETH/USD trade was around $2,351.50, with a 24-hour open of about $2,418.61, a high of $2,492.98, and a low of $2,313.42—still below $2,400. Last time, I only said I wouldn’t try to catch a falling knife before $2,400 was reclaimed; I did not claim to have made a trade or earned a profit. Nor am I repackaging the same break below that level as fresh good news just because it is trending again. If prices keep seesawing at low levels, I’d rather miss the first bounce than chase an unverified percentage based on inconsistent data during a period of high volatility using leveraged contracts.
If I were trading with my own money, I would stay out for now, with no directional position and 0% exposure. Only if ETH gets back above $2,400, holds on a pullback for at least an hour, and BTC stops showing clear weakness would I use at most 4% of my total capital to cautiously go long spot. I’d take half off at the first target of $2,470, then gradually close the rest near the second target of $2,500. If the price falls back below $2,350 after entry, I’d stop out and close the entire position. If it breaks below $2,310 first, the original long plan is off; I would neither add to the position during a sharp drop nor bet on catching the bottom with high leverage. The conditions that would overturn my current cautious view are a sustained reclaim of $2,400, accompanied by contracting volatility and verifiable spot demand—not merely a liquidation chart.
#EtherTook60%OfCryptoLiquidations #ETH
The above is solely my personal market commentary and does not constitute investment advice.
My stance is to stay defensive first, and not automatically interpret high liquidation figures as meaning “the shorts are all out.” A topic claiming “Ethereum accounts for 60% of crypto market liquidations” appeared on Binance Square’s trending list. Checking the CoinGlass snapshot cited by Binance News at the time, the article put the notional value of ETH contract liquidations at about $286 million and BTC at about $197 million. Dividing $286 million by their combined total gives roughly 59%, so “about 60%” can describe ETH’s share of these two major assets. But the report also lists liquidations in other assets, including SOL and ZEC, so you can’t quietly change the denominator from those two coins to “the entire crypto market.” Different outlets also took their snapshots at different times, and the figures change continuously. What concerns me more is whether this framing might lead traders to mistakenly believe the risk has already been flushed out.
Notional liquidation value is not the same as the cash traders actually lost, nor does it mean ETH has been permanently destroyed on-chain. When highly leveraged positions fall short of their margin requirements, they are forcibly liquidated. Market orders can hit an already thin order book, potentially amplifying the interaction between falling prices and stop-losses. But the end of this mechanical selling pressure does not guarantee that fresh spot demand will immediately step in. The official U.S. September CPI figure of 3.7% year over year remains part of the macro backdrop. On October 14, U.S. spot ETH funds recorded net outflows of about $129.5 million in total, according to Farside’s fund-by-fund table. That figure reflects flows from the previous trading day and cannot be used directly to explain liquidation figures from a particular hour today.
The market itself has yet to confirm a recovery. At the time of writing, the latest Kraken ETH/USD trade was around $2,351.50, with a 24-hour open of about $2,418.61, a high of $2,492.98, and a low of $2,313.42—still below $2,400. Last time, I only said I wouldn’t try to catch a falling knife before $2,400 was reclaimed; I did not claim to have made a trade or earned a profit. Nor am I repackaging the same break below that level as fresh good news just because it is trending again. If prices keep seesawing at low levels, I’d rather miss the first bounce than chase an unverified percentage based on inconsistent data during a period of high volatility using leveraged contracts.
If I were trading with my own money, I would stay out for now, with no directional position and 0% exposure. Only if ETH gets back above $2,400, holds on a pullback for at least an hour, and BTC stops showing clear weakness would I use at most 4% of my total capital to cautiously go long spot. I’d take half off at the first target of $2,470, then gradually close the rest near the second target of $2,500. If the price falls back below $2,350 after entry, I’d stop out and close the entire position. If it breaks below $2,310 first, the original long plan is off; I would neither add to the position during a sharp drop nor bet on catching the bottom with high leverage. The conditions that would overturn my current cautious view are a sustained reclaim of $2,400, accompanied by contracting volatility and verifiable spot demand—not merely a liquidation chart.
#EtherTook60%OfCryptoLiquidations #ETH
The above is solely my personal market commentary and does not constitute investment advice.