Ethereum derivative liquidations hit $356 million amid market flush
CIE News ·
Ethereum derivative positions stabilized near $2,570 on October 10 following $356 million in liquidations across exchanges, with long positions accounting for up to 95% of forced closures.
Ethereum (ETH) derivative positions stabilized near $2,570 on October 9 and October 10 after a leverage unwind triggered approximately $356 million in forced closures over 24 hours. The liquidation rate for ETH contracts was roughly six times higher than that of Bitcoin (BTC). Over 100,000 trading accounts were affected across platforms including Binance, Bybit, OKX, and Hyperliquid.
Long contracts accounted for 85% to 95% of the liquidated ETH positions as the market price dipped to $2,490. During the same period, a single ETH-USDT short position on Binance Futures was liquidated for $12.02 million, while an ETH-USD position worth about $20 million was closed on Hyperliquid, according to CryptoSlate.