$ETH

In the last 24 hours, Ethereum (ETH) has experienced significant liquidations, largely due to escalating geopolitical tensions between Israel and Iran, which rattled the broader crypto market.

Here's a breakdown of the ETH liquidations:

* Total ETH Liquidations: Ethereum futures liquidations amounted to approximately $296 million. This figure includes both long and short liquidations.

* Long Positions Hit Hardest: The majority of these liquidations were from long positions. Reports indicate that around $239.09 million were long liquidations, while $57.77 million were short liquidations. This highlights that traders betting on ETH price increases were caught off guard by the sharp market downturn.

* Price Drop: ETH declined significantly, at one point falling below the $2,500 key level. It experienced an 8-9% drop within the 24-hour period.

* Context: This was part of a larger market-wide liquidation event where over $1.15 billion in leveraged positions across all cryptocurrencies were wiped out. Bitcoin also saw substantial liquidations.

The increased geopolitical instability led to a "risk-off" sentiment, prompting investors to pull out of volatile assets like cryptocurrencies, leading to cascading liquidations in the derivatives market.