Traders take a neutral position after Ethereum futures contracts see massive liquidations
Cointelegraph
Published Nov 11, 2022 07:00AM ET
Updated Nov 12, 2022 08:40AM ET
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.
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.
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Written By: Cointelegraph
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