On October 8, more than $177 million worth of Ethereum (ETH) long positions were liquidated, according to CoinGlass data. The event marked the largest long squeeze for ETH since early June.
Following the squeeze, a trader identified by Lookonchain opened a 20‑times leveraged long position on 12,000 ETH valued at $29.88 million. The position now shows an unrealized profit of about $626 000.
Market positioning
Bitfinex’s ETH long holdings have risen, and the Ethereum long/short ratio moved above 1 for the first time after three days of negative readings, indicating a shift toward bullish positioning. Analysts note that if too many traders crowd the long side, another price decline could trigger additional liquidations.
Technical context
Ethereum fell roughly 8 % over the week, while Solana declined more than 9 % and Bitcoin dominance rose above 60 %. Some observers suggest that a failure of Bitcoin dominance to break higher could open space for altcoin recovery, supporting continued long builds on ETH.
Supply dynamics
Binance’s ETH reserves dropped from nearly 4 million to below 3.5 million, a six‑month low, according to CryptoQuant. Reduced exchange holdings may lessen selling pressure if capital rotates back into altcoins.
On‑chain liquidity
Token Terminal reported that Ethereum added $243.4 million in stablecoin market cap over the past seven days, the highest among blockchain networks. Strong on‑chain liquidity and declining exchange reserves could provide support for ETH price moves.
Summary
- Rising ETH long positions increase liquidation risk.
- Falling exchange reserves and growing stablecoin liquidity may support a price recovery.
- Changes in Bitcoin dominance and capital flows could influence future ETH momentum.
