Traders take a neutral position after Ethereum futures contracts see massive liquidations By Cointelegraph

Traders take a neutral position after Ethereum futures contracts see massive liquidations

Ether (ETH) price shed roughly 33% between Nov. 7 and Nov. 9 after an impressive $260 million in future contracts longs (buyers) were liquidated. Traders using leverage were surprised as the price swing caused the largest impact since Aug. 18 at derivatives exchanges.

Ether/USD 4-hour price at Bitfinex. Source: TradingView

The $1,070 price level traded on Nov. 9 was the lowest since July 14, marking a 44% correction in three months. This adverse price move was attributed to the FTX exchange’s insolvency on Nov. 8 after clients’ withdrawals were halted.

Ether 3-month futures annualized premium. Source: Laevitas
Ether 60-day options 25% delta skew: Source: Laevitas