Ethereum took another hit this week. The sell-off accelerated, wiping out over $439 million in long positions within 24 hours. The move puts the second-largest crypto within striking distance of its February low, and data from CoinGlass shows the flush was broad.
Longs get squeezed
Over the past day, more than $439 million in long positions were liquidated across exchanges, according to CoinGlass. The pressure was especially acute on Binance, where ETH funding rates jumped to their highest level since the start of 2026. That spike signals a market crowded with leverage — and when the price turned, the unwind was violent.
ETH dropped around 9.5% over the last week, though the exact price action shifts by the minute.
One trader's $1,700 bet
Crypto trader Bren sees the sell-off as still unfolding. He predicts an impulsive run toward $1,700, with the possibility of a double bottom — or a further drop. Still, he remains long-term bullish on the asset. That target would match Ethereum's February low, a level that has held since early 2026.
Staking ticks higher
Despite the price pain, more ETH keeps getting locked up. Over 32% of total supply — roughly 39.5 million ETH — is now staked. Exchange balances, meanwhile, continue to shrink, according to CryptoQuant. That dynamic suggests holders aren't rushing to exit, even as the market dips.
Whale accumulation
Bitmine, the mining firm chaired by Fundstrat's Tom Lee, added to its stack this week. The company received another 25,000 ETH from BitGo, according to Lookonchain. Institutional accumulation like this has been a theme in recent months, even as short-term traders get squeezed.
Geopolitical angle
Electric Capital's Avichal Garg argues Ethereum has what he calls 'credible neutrality' — a property he says carries geopolitical value. He points to interest from China, India, and Brazil as evidence that state-level actors are taking the network seriously. That narrative sits alongside the price action, but for now the liquidation data is what traders are watching.
The coming days will test whether buyers step in at the February low or if the flush deepens. Funding rates are still elevated, and the leveraged positions that built up over the first half of 2026 haven't fully cleared.
