Ethereum Plunges Below $2,120 as Liquidations Hit $256M

Ethereum leads market liquidations as ETH falls below $2,120. Over $631 million in crypto positions wiped out amid rising bond yields and macro pressure.

Bitcoin is currently trading near $76,700, while Ethereum has tumbled below the $2,120 mark, dragging the broader altcoin sector down with it.

This sell-off follows a sharp rise in global bond yields, which has once again put significant pressure on high-risk assets.

Ethereum emerged as one of the hardest-hit assets. According to liquidation maps, ETH positions took the heaviest blow over the last 24 hours. Data from Coinglass shows that liquidations for the leading altcoin exceeded $256 million—considerably higher than Bitcoin’s liquidations, which reached approximately $187 million.

The largest single liquidation event occurred on Bitget, involving an ETH/USDT position valued at $28.49 million.

Market pressure remains concentrated primarily on altcoins. Solana has lost nearly 12% over the past week, Cardano is down almost 11%, and Dogecoin fell by more than 4% in the last 24 hours. The Altcoin Season Index remains stagnant at 32 out of 100, highlighting Bitcoin’s continued dominance despite its own recent price weakness.

Ethereum Leads Market-Wide Liquidations

Derivatives market data reveals an aggressive closure of long positions, with total liquidations surpassing $631 million in the last 12 hours alone. Long positions accounted for the vast majority of these losses—over $582 million—suggesting that the market was excessively positioned for a continued upward move.

Despite the negative price momentum, trading volumes for ETH and BTC remains high. Some traders interpret this as a massive deleveraging event rather than a structural collapse in demand. The average crypto Relative Strength Index (RSI) has entered “oversold” territory at 35.79, signaling a potential short-term exhaustion of the selling pressure.

Meanwhile, Hyperliquid stands out as one of the few green performers among major tokens, recording a gain of over 7% for the week. This suggests that capital is not entirely exiting the crypto market but is instead rotating into more speculative, high-yield niches.

Yields and Macro Factors Dictate Market Trends

Investors are closely monitoring bond market movements, as the spike in yields could shift expectations regarding the Federal Reserve and future interest rate decisions. Higher yields traditionally weigh on crypto assets by making risk-free instruments more attractive compared to volatile markets.

Additional tension stems from the geopolitical environment and high oil prices, both of which keep inflationary pressures elevated. These factors limit the room for aggressive interest rate cuts by central banks—a scenario crypto investors had been banking on since the start of the year.

For now, the market remains in a defensive posture. Traders are watching for signals on whether Bitcoin can stabilize around the $76,000 level or if a new wave of altcoin sell-offs is imminent.