Ethereum Liquidations Hit $87.1M as Open Interest Falls 2.2% in 24h
Ethereum derivatives just showed a sharp leverage reset: $87.1M in ETH positions were liquidated over the past 24 hours, including $67.1M in longs versus $19.9M in shorts. ETH is at $2,667.81, down 0.7%, while open interest has slipped 2.2% to roughly $26.0B. The immediate signal is forced long-side deleveraging, not a fresh wave of short liquidation.
Long liquidations dominate
The liquidation imbalance is already visible in the shorter windows. Over the past hour, total liquidation reached $18.2M, with $17.8M from longs and only $0.4M from shorts. The 4-hour total rose to $30.6M, split between $18.1M in long liquidations and $12.5M in shorts. Across 12 hours, long liquidations reached $34.0M against $14.6M for shorts.
The largest recorded event was a $11.7M Binance ETHUSDT long liquidation at $2,634.46. Other notable forced exits included $4.6M at $2,644.98 and $1.8M at $2,629.94. These prints place the $2,630-$2,645 area at the center of the current downside stress.
Open interest is contracting
Total open interest is about $26.0B, down 1.3% in the latest hour and 2.2% over 24 hours. The exchange split shows Binance holding $6.0B, or 23.2% of tracked OI, while Gate holds $2.2B after a much steeper 10.3% daily decline. OKX has $1.5B and is down 3.6%, while Bybit carries $2.1B with a 0.2% daily increase.
This combination matters: price has weakened while OI has also fallen, suggesting positions are being closed into the move. It is less consistent with a broad, fresh short build. Still, account positioning remains crowded on the long side, with 64.7% of tracked accounts long. Binance shows 72.5% long accounts and Bitget 75.0%, while taker positioning is more balanced overall at 48.6% long.
Key levels and verdict
ETH remains under pressure while it cannot reclaim $2,667.81 and open interest stays below the $26.0B area. The first downside zone is $2,644.98-$2,634.46, with $2,629.94 as the clearest liquidation-linked reference. Our exclusive verdict: the near-term bias is bearish-to-neutral, with a continuation risk toward $2,629.94 if longs keep unwinding; a sustained move back above $2,667.81 together with OI rebuilding above $26.0B would invalidate that view.
Data as of 23:05 Beijing time on Sep 28, covering Binance, OKX, Bybit and other major venues.