ETH Sees 3% Drop as 50,000 Tokens Withdrawn—Institutional Interest and ETF Flows Sustain Support

Ethereum (ETH/USDT) experienced a 3.05% price decline over the past 24 hours, with the current price at 2512.40 USDT on Binance, opening at 2591.33 USDT. The recent price drop is attributed to a combination of increased withdrawals from exchanges, including a notable 10,000 ETH withdrawal by a Matrixport-linked wallet and a total of over 50,000 ETH withdrawn from major platforms in the last two days, which has reduced available supply but also signals potential caution or profit-taking by large holders. Despite these outflows and a decrease in trading volume by 15% to $16.17 billion, Ethereum maintains strong support above 2500 USDT, with ongoing bullish sentiment driven by sustained institutional interest through spot ETFs and a recovering market dominance ratio. Market capitalization stands at approximately $303 billion, with intraday volatility marked by a 24-hour high of 2635.19 USDT and a low of 2474.24 USDT.