Approximately $345 million in long positions were liquidated on Binance during an October 8-9 sell-off, according to a CryptoQuant analysis published October 16. ETH fell roughly 10% from its September highs, sliding from approximately $2,775 to approximately $2,500. This flush reset leverage and funding rates dropped to near zero, lowering the risk of a liquidation cascade. However, USDT reserves on Binance decreased by 2.3%, reflecting a net outflow of approximately $175 million, which keeps market conditions characterized as neutral rather than bullish. Binance’s share of ETH futures open interest climbed to approximately 49%, the highest level since 2023.
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