Ethereum dropped nearly 6% over 24 hours, falling to approximately $2,570 and putting $1.35 billion in leveraged long positions at risk of liquidation. Over $221 million in ETH longs were already liquidated during the same period, accounting for approximately 95% of total liquidations. A liquidation cluster of $112.83 million sits near the $2,511 level, representing an imminent pressure point for traders. US spot Ethereum ETFs recorded $202 million in net outflows on October 6, extending a six-session withdrawal streak totaling approximately $408 million. Funding rates turned negative at -0.0041%, indicating strengthened demand for short positions.
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