More than $106 million in Ethereum long positions were liquidated on Binance within one hour, the largest hourly event of its kind in six months. The cascade followed a sharper-than-expected move lower in ETH price, which caught leveraged traders offside and triggered automated liquidations across perpetual futures contracts. Liquidation events of this size typically mark short-term capitulation points, though they also reset funding rates and clear out weak hands before the next leg.
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