Binance Wipes $11.9M ETH Long, 1H Liquidations 96% Longs

The ETH derivatives tape just had its most one-sided hour of the day. In the 60 minutes to 00:36 Beijing time, Binance cleared a single 4,950-ETH long position valued at $11.9 million, the largest liquidation across every tracked venue, and nearly all of the last-hour activity hit longs. The token trades at $2,432, down 1.5% on the day.

One Fill, $11.9 Million

The wipe came in one shot: a 4,950-ETH long on Binance was liquidated at $2,403.51, worth $11.9 million at the fill. It is the biggest single liquidation reported on any exchange in the current window, ahead of a $986,000 SOL long cleared on Binance in the same minute. The position was sized like a whale account, not a retail book, and its removal shows how thin bids were below $2,420.

Last Hour: Longs Paid 96%

The one-hour liquidation feed shows $32.8 million in total liquidations, of which $31.6 million, or 96.4%, was long-side. Shorts lost only $1.16 million in the same stretch. That is a complete flip from the short squeeze that dominated the market earlier in the week, when shorts paid the bills after the rally toward $2,533. The tape has shifted from squeezing bears to clearing bulls.

The $61.1M Bill Nearly Matches BTC

Over 24 hours, the token's liquidations reached $61.1 million, almost identical to BTC's $61.5 million. Longs paid $40.1 million of that total, about 66%. By comparison, BTC longs paid 63% of its own bill. The two largest coins are being hit in near-equal proportion, which points to a market-wide deleveraging event rather than an asset-specific problem.

Funding Mild, OI Flat After the Flush

Open interest held at $24.95 billion after the wipe, up 0.22% on the day. Binance trimmed its own share by 2.94% while OKX added 3.27%, a mild rotation rather than a stampede. Funding rates sit close to zero, with Binance at 0.0025% and OKX at 0.01% per eight hours. Leverage is not rebuilding after the flush, which is the key tell: this looks like position cleanup, not a fresh downtrend.

The token touched $2,490 intraday and got rejected, and the follow-through liquidation wave has already cleared the most crowded longs. With funding flat and OI steady, the next move depends on spot demand filling the gap left by the $11.9 million wipe. Data as of 01:10 Beijing time (Sept 2), covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major venues.