--- title: "Ethereum Open Interest Reverses as $182 Million in ETH Longs Are Liquidated During Crypto Selloff" url: https://thecoingazette.com/ether-open-interest-rises-5-91-as-bitcoins-stands-at-7-74-billion/ date: 2026-11-05 modified: 2026-11-05 lang: en author: "Coin Gazette Editorial" description: "Ethereum open interest declined as $182 million in ETH positions were liquidated, highlighting broader leveraged deleveraging across major altcoin markets." categories: - "Crypto News" tags: - "crypto" - "cryptocurrencies" - "Defi" - "Market Trends" - "News" image: https://thecoingazette.com/wp-content/uploads/2026/11/OIG1.d.6F.9h3f_hBgXt.webp word_count: 923 --- # Ethereum Open Interest Reverses as $182 Million in ETH Longs Are Liquidated During Crypto Selloff Ethereum's derivatives market experienced a significant shift on November 5 as falling prices triggered widespread liquidations and reduced open interest across major cryptocurrency exchanges. Approximately $182 million in ETH positions were liquidated during the day, with long positions accounting for the overwhelming majority of losses. The selloff extended beyond [Ethereum](https://thecoingazette.com/ethereum-price-chart/), affecting [Solana](https://thecoingazette.com/solana/) (SOL), XRP and Dogecoin (DOGE), where declining open interest and substantial long liquidations pointed to a broader reduction in leveraged exposure. The developments followed an earlier increase in Ethereum open interest, which reportedly reached approximately $5.76 billion alongside a 5.91% rise. However, subsequent market data showed that the increase did not persist, as traders began closing positions during the downturn. ## Ethereum Open Interest Declines as ETH Prices Fall Ethereum's [open interest](https://www.coinglass.com/open-interest/ETH) reversed direction on November 5 as the market experienced increased selling pressure. Binance ETH/USDT open interest declined from approximately $5.72 billion at 09:00 UTC to $5.19 billion around 22:00 UTC. This represented a reduction of roughly 9.3% during the observed period. Aggregate Ethereum perpetual futures open interest also declined approximately 5.92% in a separate market snapshot. ETH prices weakened alongside the reduction in derivatives exposure. The cryptocurrency traded around $2,245 in the later market snapshot, reflecting a substantial 24-hour decline. The simultaneous decrease in price and open interest suggests that traders were reducing existing positions rather than adding substantial new exposure. However, open interest alone cannot establish whether traders were predominantly bullish or bearish. It measures outstanding contracts, not the direction or profitability of individual positions. ## Ethereum Liquidations Reach Approximately $182 Million Liquidations became a central feature of Ethereum's market decline. Approximately $182 million in ETH positions were liquidated on November 5, with long positions accounting for around $164 million and short positions approximately $17.4 million. This means roughly 90% of the reported ETH liquidations involved bullish positions. The imbalance suggests that traders using leverage to bet on higher ETH prices faced substantial pressure as the market moved lower. Long liquidations occur when leveraged positions fall below required margin levels and exchanges automatically close them. When numerous positions are liquidated within a short period, the resulting selling activity can add pressure to an already declining market. The figures illustrate how leveraged positioning can amplify volatility during sharp market movements. ## Solana, XRP and Dogecoin Also Experience Deleveraging The reduction in Ethereum open interest was part of a broader development across altcoin derivatives markets. Solana, XRP and Dogecoin also recorded substantial long liquidations during the same period. Reported liquidation estimates included: - **Solana:** Approximately $40.8 million in liquidations, including $37.5 million in long positions. - **XRP:** Approximately $16.8 million, including $16.3 million in long positions. - **Dogecoin:** Approximately $10.5 million, with approximately $10.4 million involving long positions. These figures indicate that leveraged bullish traders across several major altcoins experienced significant losses. Open interest also declined across the three assets. Aggregate perpetual futures data showed SOL open interest falling approximately 5.49%, XRP declining 4.69%, and DOGE decreasing 2.91% over 24 hours. The figures suggest that the market-wide reduction in leveraged exposure extended beyond Ethereum. ## Funding Rates Show Different Positioning Across Exchanges Earlier reports indicated that Solana, XRP and Dogecoin reached annualized funding rates of approximately 10.9%. However, subsequent exchange-level observations showed a more complicated picture. SOL funding rates were predominantly negative across several major trading venues, including Binance, Bybit and OKX. XRP also recorded mixed readings, with positive funding on some exchanges and negative funding on others. Dogecoin's later funding snapshot was also slightly negative. Funding rates represent periodic payments exchanged between long and short traders in perpetual futures markets. Positive funding generally means long traders pay short traders, while negative funding means short traders pay long traders. Annualized funding figures should also be distinguished from actual settlement payments. A rate of approximately 0.01% every eight hours translates to roughly 10.95% annualized if maintained throughout the year. Consequently, the reported 10.9% figure should be treated as a specific market observation rather than evidence of consistently bullish positioning across all exchanges. ## Altcoin Open Interest Declines Across the Market The broader derivatives market showed additional signs of contraction. A November 5 market snapshot covering hundreds of cryptocurrency contracts recorded declines in open interest across several major assets. Ethereum's aggregate perpetual futures open interest decreased approximately 5.92%, compared with a 5.49% decline for Solana and a 4.69% reduction for XRP. Other altcoins also experienced notable contractions. Uniswap's open interest declined approximately 11.19%, while SUI, Chainlink and Cardano recorded decreases of approximately 4% to 6%. Bitcoin experienced a comparatively smaller decline of approximately 0.81%. The difference suggests that altcoin derivatives markets experienced greater reductions in outstanding positions than Bitcoin during the observed period. This does not necessarily indicate that investors were abandoning cryptocurrency altogether. Some traders may have closed leveraged positions, reduced risk exposure or shifted toward other instruments. ## Spot Trading Activity Remains Important to the Market Picture Spot trading activity provides another perspective on the selloff. A November 5 market snapshot reported substantial ETH trading activity across major exchanges, although futures turnover was considerably higher than spot turnover on the sampled platforms. Binance recorded approximately $12.3 billion in ETH futures volume and $742.3 million in spot volume. OKX reported approximately $9.9 billion in futures volume and $625.9 million in spot turnover. These figures demonstrate that derivatives trading represented a substantial portion of observed ETH market activity. However, elevated futures volume does not independently establish that derivatives traders initiated the decline. Spot and futures markets interact, and determining which market led the selling would require additional evidence, including taker-buy and taker-sell data, spot cumulative volume delta and exchange-level order-flow analysis.