Ethereum's slide toward $2,500 has pushed about $1.35 billion of leveraged long positions toward liquidation. More than $221 million of ETH longs were already wiped out in the past day, and a $112.83 million cluster near $2,511 stands as the next pressure point. The decline coincides with a sharp drop in demand for US spot Ether ETFs.
Ethereum fell 5.9% over 24 hours to $2,570, extending a break from the $2,700 area that had held through several days of institutional selling. The drop toward $2,500 has put about $1.35 billion of leveraged long exposure at increasing risk of liquidation, according to CoinMarketCap data, compared with about $999.78 million of shorts vulnerable above the current price.
ETH longs take the first hit as $2,500 comes into focus
The nearest pressure point is already close. About $112.83 million of ETH longs on Hyperliquid were positioned to liquidate around $2,511, CoinMarketCap said. When ETH traded at $2,605.65, the distance to that level had narrowed to about 3.6%, down from a 7.4% cushion a day earlier.
CoinGlass data showed $233.36 million of ETH positions were liquidated over the last 24 hours, with long traders accounting for $221.87 million, or about 95% of the total. Of this, roughly $226.22 million was wiped out over 12 hours, including $216.11 million of long exposure. Ethereum also accounted for the largest single liquidation across the broader crypto market, a $26.64 million ETHUSDC position on Binance forced closed.
Liquidation maps do not mean every identified position will automatically close. Instead, they show where leveraged trades grow more vulnerable as prices move through successive thresholds. A continued decline toward $2,500 would therefore test whether the first wave of liquidations removed enough leverage to stabilize the market, or whether another layer of long positions remains exposed below it.
However, current positioning suggests the risk has not disappeared. CoinGlass showed a 3.32 long-to-short ratio among Binance ETH/USDT accounts, while the comparable ratio on OKX stood at 2.13. Those metrics do not measure the dollar value committed to either side, but they show bullish positioning remains widespread even after more than $220 million of long bets were erased.
Funding rates, meanwhile, have turned negative. Ethereum's open-interest-weighted funding rate stood at -0.0041%, while its volume-weighted rate was -0.0034%, according to CoinGlass. Negative funding indicates stronger demand for short exposure, with short sellers paying longs to maintain perpetual futures positions.
ETF withdrawals remove another source of support
Ethereum's weakening price also coincides with a sharp deterioration in demand for US spot Ether ETFs. The funds recorded about $202 million of net outflows on Oct. 6, their largest single-day withdrawal since Sept. 16. The move extended the current outflow streak to six sessions and brought total withdrawals during the run to roughly $408 million.
The latest withdrawal also marked a sharp acceleration. Investors had pulled almost $206 million from the funds across the previous five sessions combined, meaning the Oct. 6 outflow alone nearly matched that amount. Ether had initially absorbed those withdrawals while holding near $2,700, suggesting ETF selling was not immediately translating into weaker prices. That resilience has now broken, with another large outflow arriving as ETH slipped toward $2,500.
Despite the recent retreat, the funds have accumulated $13.55 billion in cumulative net inflows since their launch, according to SoSoValue, leaving the latest withdrawals as a reversal within a much larger pool of institutional capital already committed to Ethereum.
Source: CryptoSlate
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