ETH leverage sees mass liquidation as spot buying surges, analyst says

According to a CryptoQuant post by analyst Amr Taha, the Ethereum (ETH) market displayed contrasting trends on July 6. While Binance derivatives saw a massive leverage liquidation, spot trading on OKX surged. Taha noted that on that day, the 30-day change in Binance's ETH open interest (OI) fell by 594,000 ETH, marking its largest decrease since August 2024. Conversely, OKX's ETH spot trading volume climbed to $2.09 billion, its highest level since Feb. 5 and a 49% increase from the approximately $1.4 billion recorded on that date. Taha explained that while the drop in OI could indicate forced liquidations or a reduction in speculative leverage, the simultaneous surge in spot volume suggests that ETH's price is currently being driven more by spot buying pressure than by the derivatives market.