$2B in ETH liquidations as futures funding turns negative

[kevin1]

Ether’s sharp decline triggered the liquidation of more than $2 billion in leveraged bullish ETH futures, highlighting how quickly risk appetite evaporated. The ETH perpetual futures funding rate flipped negative, meaning short sellers are now paying to maintain their positions — a rare signal of extreme bearish sentiment.

ETH has underperformed the broader crypto market by 10% over the past 30 days, lagging behind Bitcoin, BNB, and Tron. While some traders see the fear-driven sell-off as a potential entry opportunity, others warn that weakening onchain data and fragile macro conditions make a near-term rebound uncertain.

[mendez]

eth underperforming btc by that much is rough. hard to be bullish when even crypto natives are rotating elsewhere.