ETH Drops 5.49% Amid $11M ETF Outflows and Whale Sell-Offs, Oversold Signals Emerge

Ethereum (ETHUSDT) experienced a sharp price decline of 5.49% over the past 24 hours, falling from 2421.12 to 2288.13 USDT on Binance. This drop is primarily attributed to a combination of net outflows from Ethereum spot ETFs (notably $11 million in withdrawals, including from BlackRock’s ETF), significant institutional and whale sell-offs, and broader negative sentiment in risk assets following a 0.7% dip in the Nasdaq Composite. Additional pressure came from Grayscale’s Ethereum Trust outflows and panic selling by smaller whales, which led to a surge in 24-hour trading volume to $22.8 billion and over 1.2 million on-chain transactions. Technical indicators show ETH is currently oversold (RSI at 38), suggesting potential for stabilization if buying interest returns. Market capitalization stands at approximately $293.27 billion, with circulating supply at 120.72 million ETH.