ETH $11.6M Long Wiped: OI -2.4%, Bitget Adds 10.7%
Binance wipes a 4,800-ETH long
The largest single liquidation of the current slide hit Binance at 18:24 UTC: a 4,800-ETH long position worth $11.57 million was closed at $2,411.42. Minutes earlier the exchange had also cleared two BTC longs near $76,400-76,800, and OKX flushed a pair of 5,000-ETH longs at $2,485-2,496 earlier in the evening. The wipes came as ETH fell from its 24-hour high of $2,535 to a low of $2,404. It now trades around $2,428 on both Binance and OKX, down about 2.6% on the day.
Open interest drops, but not everywhere
ETH open interest fell 2.38% over 24 hours to $24.8 billion, and the decline is spread unevenly. Binance cut 5.15%, OKX cut 4.95%, Bybit cut 5.8% and Gate trimmed 8.13%. Bitget went the other way: OI there is up 10.72% over 24 hours and 6.06% over the last four hours. That pattern matters. Deleveraging on the top venues is real, but someone is still adding contracts on Bitget, so this flush is not a clean exit for everyone.
Funding says little about direction
Funding rates tell a quiet story. Binance funding for ETH sits at -0.0004%, OKX at +0.0066%, both effectively flat. There is no crowded directional bet and no panic premium, just position closure. In the last 24 hours ETH accounts for $125.8 million of liquidations, of which longs paid $97.2 million. Across all coins, 24-hour liquidations reached $481.7 million with longs responsible for 74.9%.
What the rotation implies
The takeaway is not that ETH is broken. The $2,404 low held, and the $11.6 million wipe is large but isolated. The real signal is where leverage is moving. Bitget now holds a bigger share of a shrinking pie, so any further drop will be tested there first. Watch whether the $2,404 low holds and whether BTC holds $76,800. If both do, the flush likely runs its course. If not, the fresh Bitget longs become the next source of fuel.
Data as of 02:30 Beijing time (18:30 UTC), covering Binance, OKX, Bybit, Gate, Bitget, Hyperliquid and other major exchanges.