CryptoQuant reports Binance’s $2.13B Ethereum deleveraging fueled recovery above $2,200

CryptoQuant links the rebound in Ethereum above $2,200 to a $2.13B open‑interest flush on Binance in mid‑February 2026. Price held near $1,800 while leverage evaporated.

The metric: Binance ETH Open Interest 30‑day Change hit roughly -$2.13B in mid‑Feb 2026, the deepest deleveraging since Oct 2025 at -$2.11B. Source: CryptoQuant quicktake.

What mattered was the divergence. Open interest collapsed, but price stabilized around $1,800. That points to speculative leverage being purged, not real demand leaving. CryptoQuant says the reset cut liquidation overhang and set a sturdier base for recovery.

A similar flush in Oct 2025 did not extend the downtrend. It stabilized, then recovered. What looked like a continuation signal was a cleanup.

Market structure now:
- ETH is consolidating below $2,200 after the February capitulation.
- Price is under the 50/100/200‑day MAs, all sloping down.
- $2,000 acts as short‑term support with repeated defense.
- Volume spiked on the sell‑off, then faded during consolidation.
- A trend shift needs a reclaim of $2,400–$2,600.