The overall market crash that began last week has only worsened in the past 24 hours, with BTC and almost all altcoins charting fresh losses.
Ethereum’s performance is among the poorest as it has dumped by 8% daily and a whopping 30% since this time last Thursday.
While the broader market’s correction could be attributed to some extent to the growing political tension, uncertainty among the biggest economies, or the Fed’s hawkish stance on the interest rates, ETH’s calamity might have additional reasons behind it.
For instance, ETF investors have consistently withdrawn funds, shows data from SoSoValue. In just two days last week, they pulled out over $400 million. After a brief trend reversal on Tuesday with a minor $14.06 million net inflow, they continued to take money out yesterday, with $79.48 million leaving the ETFs.
Data from Lookonchain shows that even Vitalik Buterin, one of the co-founders of the network and ecosystem behind the token, has been offloading lately. Over the past three days alone, wallets connected to him have disposed of $6.6 million worth of ETH at an average price of $2,228 per coin.
CoinGlass data shows that the price drop in the past 24 hours has liquidated over $210 million worth of long ETH positions.
Aside from retail investors with exposure to Ethereum, this crash has harmed the largest ETH holders as well. BitMine, the market leader in the Ethereum space, is deep in the red (well over $6 billion) at press time, but Tom Lee remains optimistic and recently defended the underlying asset.
