The 30‑day moving average (30DMA) of Ethereum long liquidations across All Exchanges has surged to an all‑time high — or very close to it — matching or slightly exceeding the peak observed in May 2021.
On Binance, the picture is different: the 30DMA is not an absolute record, but it stands near the highest levels since July 2021. This high zone has been reached twice — first during December 2024 to February 2025, and again in recent days.
The magnitude of the move is striking, with daily long liquidations averaging over $130M across all exchanges and topping $12M on Binance. Such elevated 30DMA readings typically occur when markets are heavily leveraged and undergo sharp corrections, triggering cascades of forced liquidations.
Historically, an ATH (or near‑ATH) on All Exchanges along with a sustained high zone on Binance may signal the onset of a high‑volatility phase, carrying some — though not certain — risk of broader market capitulation. Continued monitoring of on‑chain and derivatives data will be essential to determine whether this pressure subsides quickly or evolves into a more prolonged deleveraging cycle.
Written by CryptoOnchain
