Ethereum Leverage Elevated Despite Long Squeeze, Glassnode Says
The chain analysis company GlassNode revealed how the Ethereum futures market is still overheating, although it has just happened for a long time.
The open interest of Ethereum is still significantly higher than the annual average level
New postal On X, GlassNode discussed the changes in the Ethereum futures market in the past day. Like other digital assets, ETH has witnessed important volatility Within this window. The sharp price action usually means the chaos on one side of the derivatives of the industry. In fact, a large amount of liquidation is accumulated in various exchanges.
Given the price action is mainly towards Ethereum, long -term investors will be most seriously affected. The following is a chart shared by the company, which shows the trend of long -term liquidation related to ETH in the past year.
It can be seen from the figure that the Ethereum futures market has just witnessed a large number of long -term liquidation. GlassNode pointed out: “Yesterday, the $ 76.4 million of ETH LEARK Leartations put the market in the market, and it disappeared 55.8 million US dollars in one hour. $ 10 “dollars.”
These liquidation means a significant ETH Leverage Rinse has occurred on the derivative platform. This is another chart, this time is Open interestDisplay the market deleveraging:
“Open interest” is an indicator that can track the total number of futures positions related to Ethereum related to all centralized derivatives exchanges. Earlier this month, the price of the indicator was about $ 20.5 billion, but after a large -scale clearing activity, its value had dropped to $ 15.9 billion.
This shows that the position of $ 4.6 billion has disappeared from the market. Although this represents a significant decline, it is actually not enough to cause enough cooling time.
As shown in the figure above, the 365 -day mobile average (MA) of Ethereum is currently at $ 13 billion. Therefore, the daily value of the indicator is 22 % higher than the average in the past year.
This may show that the leverage of the industry is still at a high level, although long -term investors have suffered a large amount of liquidation.
Historically, an overheated futures market is usually unlocked by the price of coins, so in the near future, ETH may take more keen action.
ETH price
Ethereum saw a $ 2,100 collision accident yesterday, but because its price is about $ 2,800, cryptocurrency seems to have rebounded.
