Yesterday’s high-inflation environment led Binance to liquidate more than $106 million worth of $ETH long positions within one hour, marking the largest ETH long liquidation on an exchange in nearly six months. The question now is that although the price has returned to around $2,440, leveraged positions are clearly concentrated within a relatively narrow price range. Ajian believes this short-term rebound, which has outperformed BTC, is more likely due to a vacuum in positions after the liquidations. From this perspective, if ETH still cannot reclaim the $2,460–$2,470 range after a large number of longs have been wiped out, it would indicate that spot demand remains insufficient. Consider reducing leverage and increasing the buffer to liquidation prices.