Why is ethereum price down today? A $745 million liquidation hour pushed ether to $2,063, and ETH funding has since reset
The flush hit late on Sunday, November 8. TokenPost, citing CoinGlass at 22:21 UTC, put one-hour liquidations across exchanges at about $745 million, split $715 million long and $29.62 million short, so longs were roughly 96% of the total. Over 24 hours about 137,000 traders were liquidated, with ether accounting for $343 million and bitcoin for $229 million. The largest single liquidation was a $48.16 million position on Binance's ETH/USDT pair. At that snapshot TokenPost reported ether at $2,132.80 after a low of $2,063.29 and bitcoin at $74,643 after touching $73,500.
What the market is pricing
Ten hours later the prices have barely recovered.
| Market, Nov 9 | Price | 24h change | Source, read (UTC) |
|---|---|---|---|
| ETH/USDT spot | $2,125.50 (24h low $2,060) | -5.1% | Binance, 08:55 |
| BTC/USDT spot | $74,571.10 (24h low $73,510) | -1.8% | Binance, 08:55 |
| ETH perp funding (APR) / open interest | +0.2% / $1.81B | n/a | Hyperliquid via BetG8, 08:54 |
| BTC perp funding (APR) / open interest | +6.0% / $3.11B | n/a | Hyperliquid via BetG8, 08:54 |
| XRP / SOL perp | $1.10 / $86.83 | -5.7% / -2.7% | Hyperliquid via BetG8, 08:54 |
| Bitcoin hits $100,000 in 2026 | 6.5% Polymarket, 8.5% Kalshi | n/a | BetG8, 08:54 |
The funding line is the interesting one. Shortly after the flush, BetG8's newsroom read ether funding on Hyperliquid at about minus 29.5% a year, meaning shorts were paying longs to hold their positions. By Monday morning it had climbed back to plus 0.2%, below the roughly 11% a year that a quiet Hyperliquid market pays from its built-in interest component. In plain terms, the crowd of new shorts has thinned, but traders are still not paying up to be long. The live funding page updates every five minutes.
Why ether fell harder than bitcoin
Ether carried more leverage relative to its size going into the weekend, so the same move in price triggered more forced selling: $343 million of ETH liquidations against $229 million for BTC, even though bitcoin's futures market is larger. Forced selling feeds on itself, because each liquidated long becomes a market sell order that pushes the price toward the next cluster of liquidation levels. The 24-hour drop of 5.1% for ether compares with 1.8% for bitcoin on Binance, and XRP's 5.7% decline on Hyperliquid shows the pressure was not limited to one coin.
What prediction markets say
Price markets have been cautious for weeks. Polymarket prices a 6.5% chance that bitcoin reaches $100,000 before the end of 2026 and Kalshi 8.5%, while bitcoin would need to rise about 34% from $74,571 to get there. Those contracts have seven weeks left, which is why the gap between venues is small in points but meaningful in percentage terms. The bitcoin price ladder on our crypto funding page lists every level side by side.
What to watch next
Watch ether's funding and open interest together: open interest rebuilding while funding stays near zero would suggest new shorts, while funding climbing back toward 11% with rising open interest would point to longs returning. US inflation data later this week is the main scheduled macro event. Large wallet positions on Hyperliquid are visible on BetG8's whale tracker.
Method and limits
Liquidation figures are CoinGlass data as reported by PANews and TokenPost; CoinGlass aggregates exchange feeds and some venues report liquidations incompletely, so the true total may be higher. Spot prices and 24-hour changes are from Binance's public ticker at 08:55 UTC on November 9, 2026, with the change computed from the 24-hour open. Funding, open interest and prediction market prices are from BetG8's live crypto funding page at 08:54 UTC. Leveraged trading can lose more than the margin posted. Nothing here is investment advice.
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Frequently asked questions
Why is ethereum price down today?
A wave of forced selling on Sunday, November 8, liquidated about $745 million of crypto futures in one hour, mostly longs, per CoinGlass. Ether fell to about $2,060 and was down 5.1% over 24 hours on Binance at 08:55 UTC on November 9.
How much ETH was liquidated?
CoinGlass data reported by PANews and TokenPost showed $343 million of ether liquidations over 24 hours, against $229 million for bitcoin. The largest single liquidation was $48.16 million on Binance ETH/USDT.
What is ether funding now?
Ether funding on Hyperliquid was plus 0.2% a year at 08:54 UTC on November 9, up from about minus 29.5% shortly after the sell-off, per BetG8's live funding page.
Sources
- PANews (CoinGlass data), Crypto liquidations reach $745 million in one hour
- TokenPost, $745 million liquidated in an hour
- investingLive, Bitcoin continues to trade heavily under $74,600
- Binance, ETH/USDT spot, read 08:55 UTC, November 9, 2026
- BetG8, Crypto funding rates, live, read 08:54 UTC, November 9, 2026
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