- Open interest plunged nearly 25% during the October 11 drop, then rebounded as ETH recovered above the $3,700 range.
- Coinalyze reports $119.2M in ETH liquidations, with Binance and Bybit each nearing $50M in wiped positions.
- Analyst Maartunn notes 8.2% OI growth in 24 hours, calling the move a revenge driven attempt to regain lost ground.
Leverage has surged back into Ethereum markets just days after a major wipeout flushed out speculative positioning. According to analyst Maartunn, open interest on ETH derivatives jumped 8.2% in 24 hours, driving what he described as a revenge-driven rebound.
He noted that three out of four leverage led rallies historically reverse, while a quarter extend higher. This renewed build-up comes shortly after a steep liquidation phase that reset positioning across major exchanges.
Liquidation Wave and Price Swing
From October 6 to 8, ETH traded narrowly above $4,500 with little change in derivatives exposure. That calm ended after October 9 when open interest began sliding steadily. By October 11, it had dropped nearly 25 percent as prices moved from about $4,500 to near $3,700.
This similar fall in price and open interest showed traders closing positions or facing liquidations during the broader deleveraging phase. However, the drop did not last long. On October 12, both metrics started recovering as ETH moved off the $3,700–$3,800 range and reclaimed levels around $4,000 to $4,100.
The rebound coincided with a rise in open interest, indicating new trades entering the market rather than residual liquidation flows. This recovery phase created a fresh backdrop for speculative positioning.
Exchange Liquidation Data
Coinalyze data showed $119.2 million in Ethereum liquidations across all contract types in the past 24 hours. Of that total, $32.2 million came from long positions and $87 million from shorts. Notably, perpetual contracts accounted for $109.1 million in liquidations, with $31.9 million long and $77.2 million short.
Futures contracts saw $10.1 million liquidated, including only $339,600 from longs and $9.8 million from shorts. Binance and Bybit recorded the highest individual totals, each just under $50 million. Huobi followed with about $25 million, while OKX stayed below $20 million. Bitfinex and BitMEX showed little to no movement in comparison.
Derivatives Rebuild and Price Levels
The October 11 reset created conditions for a derivatives rebound rather than a prolonged unwind. Price and open interest began rising again as traders re-entered positions after the decline. ETH has attempted to stabilize below $4,200, with fresh positioning visible in the open interest recovery.
Maartunn pointed out that the latest 8.2 percent jump reflects aggressive attempts to chase price movement after the liquidation shock. Historical behavior around such spikes has varied, with most snapping back. The remaining share has continued upward when momentum holds above short-term resistance.
