Ethereum's $177M long squeeze raises risk of drop to $2.1K
- —$177 million in ETH longs liquidated on October 8, the biggest squeeze since early June
- —A trader with $9.26 million in profits opened a 20x long on 12,000 ETH worth $29.88 million
- —ETH reserves on Binance fell from nearly 4 million to below 3.5 million, a six-month low
- —Ethereum added $243.4 million in stablecoin market cap over the week, leading all networks
Why it matters: Crowded longs raise the risk of another liquidation cascade, but shrinking exchange reserves and rising stablecoin liquidity could support a rebound.
Source: AMBCrypto