Ethereum (ETH) Price News: 8% Plunge as Ether ETFs Bleed $1.4B, Long-Term Holders Sell
Ether plunged over 8% to below $3,200 amid a broad crypto selloff, driven by ETF outflows and accelerated selling from long-term holders.Summary
Ethereum's price tumbled sharply, falling over 10% from its peak to stabilize just below $3,200, marking an approximate 8% drop over 24 hours, as a broader cryptocurrency market selloff accelerated alongside declines in U.S. stocks and bonds.
The selling pressure is linked to macroeconomic factors, including the recent end of the U.S. government shutdown affecting liquidity, and increased expectations that the Federal Reserve will keep interest rates unchanged in December. This sentiment follows comments from Jerome Powell that dampened expectations for rate cuts. Concurrently, U.S.-listed spot ether ETFs have experienced $1.4 billion in net outflows since late October, with Thursday seeing the largest single-day bleed in a month.
Further exacerbating the decline is significant selling activity from long-term holders (3-10 years), who are distributing approximately 45,000 ETH daily, the highest pace since February 2021. Blockchain data also indicates deteriorating fundamentals, with monthly active addresses falling and transaction fees collapsing by 42%. Technically, ETH broke critical support at $3,325, establishing a bearish trend, with immediate downside risk targeting $3,050 and $2,880 if the $3,080 support fails.
(Source：CoinDesk)