ETH Drops 6.2% as Fidelity Sells $23.6M, Yet Spot ETF Inflows Signal Strong Institutional Interest

Ethereum (ETHUSDT) is currently trading at $2,464.83 on Binance, reflecting a 6.20% decline over the past 24 hours from a 24h open of $2,627.79. The recent price drop is primarily attributed to increased selling pressure following significant institutional activity, including Fidelity's sale of $23.6 million worth of ETH, despite BlackRock's spot ETF acquiring 28,240 ETH and ongoing net inflows into Ethereum spot ETFs. Additional downward momentum can be linked to broader market volatility and technical factors, as ETH fell below the critical $2,500 support level and is facing resistance at its 200-day moving average. Despite the price decline, Ethereum maintains strong market activity with a 24-hour trading volume exceeding $26 billion, continued high development activity, and robust institutional interest, as evidenced by recent ETF inflows and ongoing ecosystem growth.