Ethereum Futures Market Experiences $76.4M Long Liquidations

Glassnode reports that the Ethereum futures market remains overheated despite recent long liquidations. Key points include:

• Ethereum open interest is significantly above the yearly average.
• Ethereum experienced $76.4M in long liquidations, with $55.8M occurring within one hour, marking a near record event.
• Open interest decreased from $20.5 billion to $15.9 billion after the liquidation, indicating a $4.6 billion reduction in positions.
• The current open interest is 22% higher than the 365-day moving average of $13 billion.
• ETH price crashed to around $2,100 but has since rebounded to approximately $2,800.

This suggests ongoing high leverage in the market, potentially leading to further volatility for ETH.