Ethereum traded at $2,699.33 on October 7, down 0.1% on the day, in an apparent calm market environment. Approximately $414.1 million in ETH long positions sit in potential liquidation zones, alongside $640.6 million in short positions. Across the broader crypto market, $148.3 million in leveraged positions were forcibly closed over 24 hours. ETH futures open interest stood at roughly $33.9 billion, while US spot Ethereum ETFs recorded significant outflows. The market does not require a crash to clear overleveraged positions; a few challenging hours will suffice.
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