Magaly
2
In february 2 2024 $76.4M in ETH long liquidations hit the market
- $55.8M wiped out in a single hour - the second-largest spike in a year, just behind Dec 9’s $56M
- ETH futures Open Interest fell from $20.5B at the start of February to $15.9B, wiping out $4.6B in positioning
- Despite the drop, futures OI remains ~22% above its yearly trendline of $13B, indicating leverage is still elevated.
- ETH must hold $2,700 to avoid a deeper correction, a drop below could trigger over $1B in leveraged long liquidations.
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