Ethereum Drops to $2,120 After $343M Long Liquidations
Ethereum fell nearly 5% to $2,120 on Sunday evening as $343 million in leveraged long positions were forcibly liquidated, with the largest single liquidation hitting a $48.16 million ETH/USDT position on Binance. Ether dropped from a high of $2,243 to a low of $2,063, an 8% swing, while Bitcoin declined only 1.9% over the same period. The sell-off was amplified by a liquidation cascade, with 96% of the $745 million in forced closures hitting long positions, compounded by $93 million in net outflows from US spot Ether ETFs.
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