Binance Liquidates $7.21 Million Ether Long at $2,496 as Downward Pressure Mounts

Ether faced sustained downward momentum on October 8 as Binance liquidated a massive $7.21 million long position at $2,496 on its perpetual futures market. The single forced liquidation occurred at 15:18 UTC (11:18 a.m. ET), breaking below the key $2,500 threshold. It followed an earlier forced unwinding at 13:40 UTC (9:40 a.m. ET), where a $2.44 million Ether long position was liquidated at $2,515. The successive multi-million-dollar liquidations highlight persistent selling pressure and heightened volatility hitting leveraged bullish derivatives traders.