💥 $170M in ETH longs just got liquidated as the market tumbled.
Ether dropped 5% on Tuesday, wiping out 12 days of gains. The perpetual futures funding rate flipped deeply negative — short sellers are now paying to hold bearish positions, signaling extreme fear.
Here's the full picture:
📉 ETH fell 20% over 30 days, worse than the broader 17% crypto market drop
📉 $910M has left US-listed spot Ether ETFs since mid-May
📉 The Ethereum Foundation just cut 20% of its staff due to a 40% budget reduction
📉 BitMine (BMNR) is sitting on $9.3B in unrealized ETH losses
But here's the bullish case:
✅ Ethereum still holds 53% of DeFi TVL ($38B)
✅ 43% of all DEX volume runs through ETH + L2s
✅ The Glamsterdam upgrade is coming — promising parallel transactions and better security
Is this a buying opportunity or is ETH heading deeper into pain? 🤔