Ethereum faces $900M losses in biggest liquidations since 2021
At the start of the new week, the cryptocurrency market experienced massive liquidations exceeding $1.7 billion in 24 hours, triggered by concerns over a potential U.S. government shutdown. According to CoinGlass, a total of 402,883 traders saw their positions liquidated.
Ethereum traders suffered the heaviest losses. According to Cryptopolitan, liquidations in ETH alone reached around $900 million, putting the entire altcoin market under pressure. As a result, ETH fell below the $4,200 support line and was trading near $4,180 at press time.
ETH Hourly Chart. Source: Trading ViewFor
Ethereum, this marks the largest wave of liquidations since May 2021. However, unlike back then, the price decline was relatively moderate — down 8%, compared to the 45% crash in 2021. DeFi liquidations also rose sharply, though on a smaller scale, with nearly $22 million in crypto loans (collateralized by ETH and WETH) wiped out in the past day.
Whales selling during panic
During the liquidation wave, ETH spot selling volumes remained relatively limited. However, some whales chose to sell either strategically or out of panic. One whale transferred over $72 million worth of ETH to Binance just before the crash, while another sold 1,000 ETH as losses accelerated.
The main driver of ETH’s decline was liquidations on Binance, where whale sales from multiple wallets triggered a cascade of forced long liquidations.
Open interest in ETH futures still exceeds $27 billion, raising the risk of further liquidations if momentum weakens. In such a case, ETH could fall toward $4,100, pressuring long positions. Alternatively, recovery is possible, with new liquidity for shorts accumulating around the $4,400 level
As we wrote, Ethereum funds attract $772M amid rising market optimism
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