ETH Drops 7.31% as $23.4M Fidelity ETF Outflow and Macro Uncertainty Drive Volatility

Ethereum (ETH) experienced a significant 7.31% price decline over the last 24 hours, with the price dropping from $2,627.70 to $2,435.49 on Binance. This downturn is primarily attributed to institutional outflows, notably a $23.4 million net withdrawal from Fidelity’s Ethereum ETF, increased exchange inflows, and a broader shift toward risk-off sentiment amid macroeconomic uncertainty. Despite recent positive developments such as increased institutional inflows into Ethereum ETFs earlier in the week, a major $320 million ETH purchase by Consensys, and ongoing network development, the market has reacted to heightened volatility and selling pressure, as reflected in elevated trading volumes ($25.98B–$28.14B) and a volume-to-market cap ratio near 9%. Ethereum’s price action remains closely tied to traditional equity markets, with a 30-day correlation coefficient of 0.68 to the S&P 500, while Bitcoin’s growing dominance (54.3%) indicates a continued capital preference for BTC over major altcoins. The current ETH market cap is approximately $292.56 billion, with a circulating supply of 120.72 million ETH.