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Ethereum Leverage Elevated Despite Long Squeeze, Glassnode Says
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Leverage Elevated Despite Long Squeeze, Glassnode Says

Keshav Verma
Keshav Verma
3 months ago
2 mins read
Ethereum

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The on-chain analytics firm Glassnode has revealed how the Ethereum futures market is still overheated despite the long squeeze that just occurred.

Ethereum Open Interest Still Notably Above The Yearly Average

In a new post on X, Glassnode has discussed about how the Ethereum futures market has changed during the past day. ETH, like other digital assets, has witnessed significant volatility inside this window. Sharp price action usually means chaos for the derivatives side of the sector and indeed, a large amount of liquidations have piled up on the various exchanges.

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Given that the price action has been majorly towards the downside for Ethereum, the long investors would be the most heavily affected. Below is the chart shared by the analytics firm that shows the trend in the long liquidations related to ETH over the past year.

Ethereum Long Liquidations
Looks like the value of the metric has spiked recently | Source: Glassnode on X

From the graph, it’s visible that the Ethereum futures market has just witnessed a massive amount of long liquidations. “Yesterday, $76.4M in ETH long liquidations hit the market, with $55.8M wiped out in a single hour – the second-largest spike in a year, just behind Dec 9’s $56M,” notes Glassnode.

These liquidations have meant that a notable ETH leverage flush-out has occurred on the derivatives platforms. Here is another chart, this time for the Open Interest, which showcases the market deleveraging:

Ethereum Open Interest
The trend in the ETH Open Interest over the last couple of weeks | Source: Glassnode on X

The “Open Interest” is an indicator that keeps track of the total amount of Ethereum-related futures positions that are open on all centralized derivatives exchanges. At the start of the month, this metric was sitting around $20.5 billion, but after the mass liquidation event, its value has come down to $15.9 billion.

This suggests $4.6 billion in positions have been wiped out from the market. While this represents a large decrease, it has actually not been enough to cause a sufficient cooldown in the Open Interest.

Ethereum Futures Long-Term Trend
The ETH Open Interest compared against its yearly average value | Source: Glassnode on X

As displayed in the above chart, the 365-day moving average (MA) of the Ethereum Open Interest is currently situated at $13 billion. Thus, the metric’s daily value is around 22% higher than the average for the past year.

This could be a potential indication that the leverage in the sector is still at elevated levels, despite the massive amount of liquidations that the long investors have suffered.

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Bitcoin Traders Fearful For First Time Since October: Buying Signal?

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Historically, an overheated futures market has generally unwound with volatility for the coin’s price, so it’s possible that more sharp action could follow for ETH in the near future.

ETH Price

Ethereum saw a crash towards the $2,100 mark yesterday, but it would appear the cryptocurrency has seen a rebound as its price is now trading around $2,800.

Ethereum Price Chart
The price of the coin seems to have climbed back up from its lows | Source: ETHUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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