Ethereum's recent pullback has wiped out a significant amount of leveraged betting. The liquidation cascade is particularly stark: approximately $2.5 billion in long positions were forcibly closed out during this downswing. This scale of liquidation reflects the intensity of leverage in the market when prices move against heavily positioned traders. Such sharp deleveraging events are commonplace during volatile market conditions, but the sheer volume underscores how aggressively the market had been betting on continued upside momentum. Whether this represents a temporary correction or a deeper consolidation phase remains a key question for market participants closely monitoring ETH's technical levels and onchain activity.