Ethereum falls 6% as $1.35 billion in longs face liquidation

Ethereum fell 5.9% in 24 hours to about $2,570, extending its decline from the $2,700 level and putting the $2,500 mark in focus.

CoinMarketCap data placed about $1.35 billion of leveraged Ether long positions at liquidation levels below the market price. About $999.78 million in short positions faced liquidation at levels above the market. The figures cover multiple price levels rather than one threshold.

The nearest major liquidation level was about $2,511, where roughly $112.83 million in ETH long positions on Hyperliquid faced liquidation. When Ether traded at $2,605.65, the level was 3.6% away, compared with 7.4% a day earlier.

The decline had already triggered $233.36 million in Ether liquidations over the previous 24 hours, according to CoinGlass. Long positions accounted for $221.87 million of that total. Liquidations over the previous 12 hours reached $226.22 million, including $216.11 million in long positions.

Ether also recorded the largest single liquidation across the cryptocurrency market during that period. A $26.64 million ETHUSDC position on Binance was forcibly closed.

Liquidation maps identify price levels where leveraged positions become more vulnerable. They do not mean every position shown will be closed. A decline to $2,500 would expose another group of long positions below the current price.

Long positioning remained widespread after the sell-off. The long-to-short ratio among Binance ETH/USDT accounts was 3.32, while the ratio on OKX was 2.13. Among Binance’s largest traders, the ratio was 2.34 by accounts and 1.62 by positions. These ratios measure the balance of accounts or positions, not the dollar value on each side.

Ether’s open-interest-weighted funding rate was negative 0.0041%, while its volume-weighted rate was negative 0.0034%. Negative funding means traders holding short perpetual futures positions paid traders holding long positions.

The decline coincided with weaker demand for U.S. spot Ether exchange-traded funds. The funds recorded about $202 million in net outflows on Oct. 6, the largest single-day withdrawal since Sept. 16. The outflows extended a six-session streak and brought withdrawals during that period to about $408 million.

Investors withdrew nearly $206 million from the funds during the five sessions before Oct. 6. The latest daily outflow nearly matched that total. The funds have recorded about $13.55 billion in cumulative net inflows since launching, according to SoSoValue.