In the 24 hours position change before the yesterday’s price drop, the Open Interest (OI) for $ETH saw a change was $472M, reflecting a significant buildup in futures positions.

However, following the decline, the OI dropped to -$533M, a reduction of over $1B in total positions.

The downturn triggered the liquidation of a massive volume of long positions, and large amount of short positions were closed out.

Binance saw the largest position size and the most substantial reduction. Significant decreases were also observed on Bybit, Gate, and OKX.

Yesterday’s decline led to heavy liquidations of high-leverage $ETH long positions. While the OI has begun to increase again since the drop, it remains well below pre-decline levels.

High-leverage long positions, opened in anticipation of further gains, have been entirely wiped out. These positions were almost held by retail investors, whose greed has, resulted in liquidation once again.

Written by CW8900