Ethereum Experiences Largest Open Interest Purge in History Amid Market Reset Triggered by Trade Shock

A recent CryptoQuant report reveals that Ethereum just experienced a record-breaking open interest (OI) purge, driven by the sudden market turmoil triggered by President Trump’s surprise tariff announcement against China. Within 24 hours of the announcement on October 10th, Ethereum’s OI dropped from $28 billion to $19 billion, marking a historical single-day decline. This wipeout effectively erased weeks of leveraged speculation, leaving OI now 50% below its all-time high of $34 billion, reached in late August.