Ethereum (ETH) recently faced a significant upheaval marked by a wave of long liquidations totaling $62 million within a span of just 24 hours. This sudden downturn in Ethereum’s fortunes coincided with pronounced declines in its derivatives market, including a notable reduction in options trading volume and Open Interest.

Understanding Long Liquidations in Ethereum

On June 11th, Ethereum experienced its highest volume of long liquidations since late May, a period characterized by heightened market volatility.&middot

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