BloFin ETH order book, Nov 4: 2,036 ETH bid wall sits 0.09% under price

The book in numbers

• Mid 2,407.16, mark 2,407.54, index 2,409.12. Best bid to best ask spread: 0.24.
• Bid side, 100 levels: 7,023.5 ETH, roughly $16.9M. Ask side, 100 levels: 4,686.8 ETH, roughly $11.3M. That's about 1.5 ETH bid for every 1 ETH offered.
• Those 200 levels only span 2,404.08 to 2,409.57, so this is the book within about 0.12% of price on either side.
• Closest to the mid it flips. Within 0.05% there are 2,382 ETH offered against 1,240 ETH bid. Widen to 0.1% and bids lead again, 5,634 to 4,556.

One level carries the bid side

A single bid of 2,036 ETH (about $4.9M) sits at 2,404.99, roughly 0.09% below the mid. That one order is 29% of all the bid size in the top 100 levels, and it's the cliff on the left of the chart. The largest offer on the other side is 556 ETH at 2,408.29.

What's around it

• ETH last 2,407.73, up 5.2% on the 24h open of 2,288.03. The day ran from 2,225.04 to 2,448.87, so price is in the top fifth of that range.
• $143.8M of ETH perp volume in 24h, second on BloFin only to BTC's $506.4M.
• Funding is +0.0207% per 8h going into the 7:00 PM ET settlement. Five of the last six 8h settlements paid 0.0220%; from Nov 1 through the Nov 2 11:00 AM ET print they ran 0.0052% to 0.0115%. Longs have been paying about double the earlier rate for two days.
• The tape points the other way: the last 50 prints (about 19 seconds up to 2:50 PM ET) were 145.6 ETH of sells against 2.9 ETH of buys.

My take

Resting size says someone is happy to buy just under 2,405. The flow at that minute was selling into the bids, and longs are paying steady funding to stay in. A wall like this only matters until it gets pulled, so watch it: if price trades into 2,404.99 and the size absorbs it, that's real demand. If it disappears as price gets close, the visible bids below it add up to only about 1,700 ETH. One snapshot, and the book reprices many times a second, so treat these numbers as a 2:50 PM ET picture.

When you see a bid this size sitting this close, do you lean on it or assume it gets pulled?