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.
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.
From the graph, it’s visible that the Ethereum futures market has just witnessed a massive amount of long liquidations. “Yesterday, $76.4M in ET
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