ETH Drops 5.98% as $412M Withdrawn and ETF Outflows Signal Shifting Market Dynamics

Ethereum (ETHUSDT) experienced a 5.98% price decline over the past 24 hours, with the current price at $4,281.30 according to Binance. This drop is attributed to several factors, including significant institutional withdrawals totaling 92,899 ETH (approximately $412 million) from Kraken, the first notable outflow from U.S. Spot Ethereum ETFs in over a week with a net loss of $59.34 million, and technical indicators suggesting diminishing positive momentum. Additionally, a large validator exit queue with over 888,000 ETH pending withdrawal and a decrease in trading volume during the recent rebound have contributed to concerns about buyer conviction. Despite the decline, Ethereum maintains a strong market position with a 24-hour trading volume exceeding $3.1 billion on Binance and a market capitalization around $517.4 billion, while analysts continue to monitor key support and resistance levels.