Ethereum lacks bullish catalyst despite Binance leverage reset, CryptoQuant analyst says

CryptoQuant data shows a cleaner ETH futures market after roughly $345 million in long liquidations, but stablecoin inflows remain the missing piece Ethereum traders on Binance just went through a forced spring cleaning. Approximately $345 million in long positions were liquidated on the exchange during an October 8-9 sell-off, according to a CryptoQuant analysis published October 16, 2026. CryptoQuant’s read is that the flush reset leverage and improved market structure. A truly bullish setup, though, still depends on two things the market doesn’t yet have: USDT flowing back into exchanges and a rising Coinbase Premium. ETH fell roughly 10% from its September highs, sliding from approximately $2,775 to approximately $2,500. That drop was enough to knock over a large stack of leveraged long bets on Binance.

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