ETH Price Drops 2.24% Amid $660M Liquidations and Major Ethereum Foundation Wallet Sales

Ethereum (ETHUSDT) experienced a price decline of 2.24% over the past 24 hours, with the current price at 4,473.85 USDT according to Binance data. The drop was primarily attributed to significant cryptocurrency derivatives liquidations totaling $660 million, with $420 million occurring after the release of the U.S. Producer Price Index (PPI) data, which triggered notable liquidations of ETH long positions. Additional selling pressure came from an Ethereum Foundation-linked wallet that sold 1,300 ETH recently, totaling 6,194 ETH sold over three days. Despite these factors, the market saw substantial trading volume, with ETH maintaining its position as the second-largest cryptocurrency by market capitalization and circulating supply near 120 million ETH.