Ethereum Falls Below $2,500: $692 Million Blow to Crypto Bulls!

As Ethereum fell below $2,500 in a market downturn, liquidations across crypto reached $759 million over the past 24 hours, including $692 million in long positions.

According to Binance data reported by Wu Blockchain on October 8, Ethereum (ETH) was trading at around $2,468 at the time of the post. ETH’s loss over the past 24 hours reached approximately 4 percent.

The decline was not limited to Ethereum. Bitcoin (BTC) fell to $81,334, down about 2 percent, while Solana (SOL) dropped below $110. SOL recorded the steepest loss among the three assets, trading at around $109 after falling more than 6 percent over the day.

91 percent of liquidations were long positions

According to CoinGlass data cited in the same post, approximately 139,000 traders were liquidated worldwide over the past 24 hours. The total value of liquidations, which occur when leveraged positions are forcibly closed, reached $759 million.

Of that amount, $692 million came from long positions, opened in anticipation of rising prices. This meant that approximately 91 percent of all liquidations hit traders who were betting on prices to rise.

This snapshot, in which Ethereum lost the $2,500 level and Solana fell below $110, showed the impact of the crypto market downturn on leveraged long positions.