Recherche vérifiée par sources: Binance / OKX / Bitget

What happened, hour by hour (SGT)

The day started calm. On Binance, ETH/USDT opened the 24-hour window near $2,522 and briefly traded up to $2,530.44, its high for the day.

20:30 SGT – CPI. The US Bureau of Labor Statistics reported that consumer prices rose 3.7% from a year earlier in September, a tenth above the consensus, with core inflation at 2.6%, also a tenth above. Gasoline jumped 9.1% in the month. Cointelegraph reported that the 10-year Treasury yield hit 5.329%, about three basis points from a 24-year high, and that CME FedWatch odds of a 25-basis-point hike at the Fed's 28 October meeting rose to 53.7%, from 22.1% a day earlier. In the 20:00–21:00 SGT hour, ETH swung between $2,522.80 and $2,472.34.

21:30 SGT – US stocks open. The first drop was absorbed, but selling resumed when Wall Street opened. By the end of the 21:00 hour ether had slid to $2,451, and it broke below $2,450 soon after.

22:00–22:50 SGT – the liquidation wave. In the 22:00 hour ETH printed a low of $2,415.59 on Binance futures (the spot low for the day was $2,413.52). At 22:11:45 SGT one ether long worth $7.03 million was liquidated on Binance, the biggest single forced close our collector has recorded in the last 24 hours.

The liquidation numbers, from our own data

Our collector reads liquidation orders on Binance and OKX. In the hour to 14:49 UTC (22:49 SGT), it counted $79.7 million of forced closures across 8,730 orders: $79.2 million of longs and only $0.5 million of shorts, so more than 99% of the damage hit traders betting on a rise. Ether contracts were the biggest single slice: $14.5 million on OKX's ETH/USDT perpetual and $13.4 million on Binance's, about $28 million together, or roughly 35% of the hour.

Over four hours, liquidations reached $196.5 million, $180.9 million of them longs. Over 24 hours the total was $667.3 million, of which $481.7 million were longs and $185.7 million shorts. Bitcoin and Solana also took heavy hits, but ether had the largest individual positions wiped out.

Ether also lost ground against bitcoin. ETH/BTC fell 1.8% to 0.02961 on Binance, while BTC itself was down about 2.3% at $81,809. When the market sells risk, traders cut the asset with more leverage and less steady demand first, and today that was ether.

Why ether is weaker than bitcoin right now

1. The macro hit lands harder on higher-beta assets. Hot inflation and a 5.3% 10-year yield make cash and bonds more attractive and make leverage more expensive. Ether usually moves more than bitcoin on the same macro news, and today's 4.0% versus 2.3% split followed that pattern.

2. Its biggest buyer is almost done. Bitmine Immersion Technologies, the largest corporate ether holder, said on 12 October that it held 6,028,946 ETH, 4.9% of the 122.1 million ETH supply, and called itself "99% of the way" to its 5% target. By our arithmetic, 5% of 122.1 million is about 6.105 million ETH, so roughly 76,000 ETH remain before the target is reached. Bitmine bought 12,532 ETH in the past week. Markets look ahead: a buyer that has bought every week since June 2025 is close to its stated goal, and traders are pricing a market without that steady bid.

3. Leverage was crowded on the long side. The fact that 99% of the last hour's liquidations were longs shows where positioning was. Funding on Binance's ETH perpetual has turned slightly negative, at −0.0043% per eight hours at 22:49 SGT, which means shorts are now paying longs. Open interest in Binance's ETHUSDT contract stood at $5.69 billion, down only 1.0% in a day, so a lot of leverage is still in the market.

What to do now

If you hold spot ETH. The network, supply and staking yield did not change today; the price of money did. If you were planning to buy, splitting purchases over several days avoids betting everything on a single macro candle. Selling into a liquidation wave usually means selling to the traders who caused it.

If you hold leveraged ETH longs. Check your liquidation price against today's low of about $2,414. If a further 3% drop would close you out, the position is too large for a week with a possible Fed hike on 28 October and US producer prices (PPI) due on Friday. Lower leverage or add margin now, not during the next candle. Our lesson on liquidation and mark price explains how exchanges decide when to close you.

If you are short. Negative funding means you now pay to stay in the trade, and late shorts in a long squeeze tend to get caught when the selling exhausts. Size for a sharp bounce.

Watch next. The 16:00 UTC (00:00 SGT) funding window, Friday's PPI and the Fed on 28 October. Our liquidations page and funding-rate board update live after this snapshot, and our earlier CPI story on bitcoin covers the first move at 20:30 SGT.

How to act on this

Days like today are when fees add up, because you are cutting, adding margin or re-entering in a hurry. If you trade ETH futures, opening an account through our Bitget profile with code nexu888 returns up to 60% of your trading fees; at Bitget's 0.06% futures taker rate, a $10,000 round trip costs about $12, of which up to $7.20 comes back. Keep size small enough that the next candle cannot liquidate you, and check the fee table on the Bitget profile before adding exposure.

Quick answers

Why is Ethereum down today? US September CPI came in hot at 3.7%, lifting yields and the odds of a Fed hike; ether, more leveraged than bitcoin, fell about 4% and a long-liquidation wave followed after the US open.

How low did ETH go? $2,413.52 on Binance spot and $2,415.59 on Binance futures, both during the 22:00 SGT hour.

How much ETH was liquidated? About $28 million of ether longs on Binance and OKX in the hour to 22:49 SGT, out of $79.7 million across all coins; the largest single order was a $7.03 million ETH long.

Is Bitmine selling ether? No. Its 12 October update says it bought 12,532 ETH in the week and holds 6.03 million ETH; the concern is that it is close to its 5% target, not that it is selling.

Is ETH funding negative? Slightly, on Binance: −0.0043% per eight hours, so shorts pay longs. On OKX it was close to zero.