Crypto
Binance Liquidates Massive ETH Long Position Worth $2.9 Million
A significant liquidation event occurred on Binance's perpetual futures market on September 29. At 11:24 a.m. ET (15:24 UTC), a long position worth $2.91 million in Ether (ETH) was forcibly closed at a price of $2,679.
The liquidation is likely to be attributed to the market moving against the trader's position, causing it to meet Binance's liquidation conditions. A long position benefits from rising prices, so this event suggests that the market was experiencing downward pressure.