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In the past 24 hours, the overall decline in the digital currency market has further intensified. Bitcoin and most alternative digital currencies have recorded new price drops, while Ethereum has been the weakest among major digital currencies, falling about 8% in one day and more than 30% since the end of last week.
While the market correction is partly attributable to global political tensions, economic uncertainty, and the Federal Reserve’s hawkish stance on interest rates, the pressure on Ethereum appears to be related to other factors as well.
SoSoValue data shows that Ethereum-related ETF investments continue to exit, with more than $400 million withdrawn in just two days last week, followed by a net withdrawal of $79.48 million after a limited recovery attempt.
Meanwhile, Lookonchain data showed that wallets associated with Ethereum co-founder Vitalik Buterin sold approximately $6.6 million worth of ETH in the past three days, at an average price of $2,228 per coin, adding to the psychological pressure on the market.
According to CoinGlass, the recent drop resulted in more than $210 million worth of buy positions on Ethereum being liquidated within 24 hours. The impact is not limited to individual investors, major holders of the currency have also suffered significant losses, with market data showing that BitMine, one of the largest players in the Ethereum system, has lost more than $6 billion, although some optimistic voices such as Tom Lee are still defending the long-term foundation of the asset.
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Ethereum founder Vitalik Buterin: Layer 2 solutions no longer scale the Ethereum network
