ETH $2,495: Longs Paid 57% of $107M Liquidations
ETH Leads the Long-Side Flush
ETH liquidations reached $107.5M in the last 24 hours, and longs paid $61.6M of that, or 57.3% of the total. That makes ETH the only top-tier coin where long positions dominate the liquidation table right now. BTC's 24-hour liquidations are 65% shorts, SOL's are 74% shorts, and TRUMP and ENA also lean short-heavy. The asset stands alone on the long side, and that is worth a closer look.
Price Slipped From $2,578 After Shorts Got Wiped First
The sequence matters. ETH pushed toward $2,578 before giving back the gains. At the top, a Binance short worth $6.77M was cleared at $2,577.97. Then the tape turned. As price fell toward $2,495, longs got caught on the way down: the largest single long liquidation in the window was $6.95M at $2,476.42 on Aster, and OKX cleared three separate 5,000-ETH longs in the same stretch. Binance also wiped a $3.28M long at $2,474.29. The 24-hour low sits at $2,471.3, so the move from high to low was a 4.1% round trip.
Funding Says This Was Not a Leverage Blowup
Funding rates tell a different story than the liquidation numbers. ETH's average funding is 0.0061% per 8 hours, with Binance at 0.0019% and OKX at 0.0054%. That is close to neutral. A crowded-leverage flush usually shows funding at 0.05% or higher before the wipeout. Here, longs were not paying a heavy premium to hold. They were simply stopped out when price rolled over, which points to stop-loss cascades rather than a leverage-driven unwind.
What the Long Dominance Means
For traders, the takeaway is that the long-heavy liquidation table is a reaction to the pullback, not a structural deleveraging event. Open interest across major venues still holds, and the funding curve implies leverage demand is moderate. The key level to watch is the $2,470 zone. If longs rebuild there and funding starts climbing while price recovers, fresh conviction is coming in. If funding stays flat and price keeps drifting, this looks like range behavior between $2,470 and $2,578, and the long flush may simply reset the book for the next attempt.
Data as of 16:30 Beijing time on August 28, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget, Aster and other major venues.