Ethereum (ETH) Longs Take 59.6% of Liquidations in Past 24 Hours

Longs Absorb Most of the Liquidation Count

Forced closures on Ethereum (ETH), the leading smart contract network, did not land evenly across the two sides of the derivatives market over the past 24 hours. Aggregated derivatives data published on Saturday shows 3,222 long liquidation events against 2,181 short closures, a split that puts roughly 59.6% of the count on long positions. In plain terms, more bets on further upside were closed out by force than positions betting on a decline. A 12-hour cut of the same record widens the gap: 2,651 long closures to 876 short closures. A liquidation is the forced closure of a leveraged position once its margin falls short, and the count metric measures how many times that happened, not the dollar losses that moved through the order book or the aggregate profit and loss of the holders behind them. Alongside the liquidation skew, futures open interest slipped 0.42% over 24 hours to 12.63 million Ethereum (ETH), about $30.59 billion in notional value. Open interest is the stock of contracts still standing rather than a read on which direction new money favors, so a dip of that size points to mild deleveraging rather than a one-sided exit. The heavier long-side count sits alongside a market drifting lower: Ethereum price trades near $2,423 at the time of writing, about 1.7% lower over 24 hours. Venue-level books split the notional across a wide field. Binance carried the largest futures open interest at $8.73 billion, with MEXC at $3.25 billion and CME at $3.24 billion close behind, keeping the institutional venue in the top three. Hyperliquid stood at $2.61 billion, Bybit at $2.15 billion and Bitget at $2.0 billion. The combination of shrinking open interest, a long-heavy liquidation count and the call-heavy options structure set out below is an awkward set of signals to read in one direction.

Our aggregate derivatives data adds a positioning check as of Saturday's 13:00 UTC snapshot: perpetual funding sits at 0.0043%, still positive, and the long/short account ratio reads 2.13, with 68.1% of tracked accounts holding long exposure even as longs took the bulk of the liquidation count. That is the setup in which a crowd stays positioned for upside while price grinds lower, leaving further long closures as the near-term risk. The composite level map frames the range: support at $2,379 scored 100 out of 100, resistance at $2,596 scored 90. The RSI at 38.54 sits in weak territory, and the trend model still reads a downtrend rather than a confirmed bear market; a sustained close under $2,379 is the event that would change that picture. Fuller level detail sits in our Ethereum technical analysis.

Calls Carry 61.75% of the Options Book

Options positioning across Ethereum (ETH) tells a more layered story than the futures tape. Call open interest stood at 1.59 million ETH against 983,689 ETH in puts, which puts calls at 61.75% of the standing options book. The day's traded volume inverted that tilt slightly: 414,521 ETH in calls changed hands against 420,513 ETH in puts over 24 hours, a slim edge to the put side. The two metrics answer different questions. Open interest is the accumulated stock of contracts still standing, while volume counts only what cleared inside the window, and a call-heavy book alone does not prove holders are betting purely on upside. Calls can sit in the record as hedges against other exposure as easily as directional bets, which is why the 61.75% share resists a simple bullish reading. Max pain, the theoretical price at which the total payout on outstanding options is smallest, also diverged by venue. For the Oct. 30 expiry, figures presented on Deribit and Binance cluster near $2,500, while OKX shows about $2,650. The Dec. 25 expiry ranges from roughly $2,200 on Deribit to $2,500 on Binance, with OKX at about $2,300 in between. Max pain is settlement arithmetic, not a forecast, and the venue gaps show how sensitive the figure is to the composition of each book. The spot market spent the week inside a $2,324 to $2,575 band, having met the $2,500 rebound test on the way up before fading from the upper end. Ethereum's recent defense of $2,310 support still stands as the nearer reference underneath. The figures reflect a single aggregation, and raw venue-level records were not independently cross-checked against it, a limit worth carrying while the splits stay this close. As the record now reads, calls keep the larger accumulated position while the freshest flow leaned to puts, and that imbalance stays open until the next round of positioning shows up in the open-interest data.