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ETH ETH has fallen by about 5% recently, with macro pressures intertwined with derivative risks
In the recent market sell-off, Ethereum (ETH) prices have fallen by about 5%. Rising U.S. Treasury yields, a stronger U.S. dollar and weakening risk appetite have combined to put pressure on the crypto market. At the same time, the derivatives market remains highly exposed, with the value of open interest remaining above $33 billion, according to CoinGlass.
A lot of long liquidations are accumulating
The recent decline has taken a toll on leveraged bulls. According to Invezz quoted market data, as ETH prices fell near the US$2,500 to US$2,550 range, about US$165 million of long ETH positions were forcibly liquidated during the recent sell-off.
This phenomenon is critical because crowded position structures can turn ordinary pullbacks into faster stampede declines. When ETH falls below key support levels, leveraged bulls will be automatically closed, resulting in additional market sell orders, further exacerbating downward pressure.
Currently, ETH prices are almost exactly in the range of US$2,500 to US$2,550, an area previously identified by several analysts as an attractive buying point.
ETF capital outflows have increased another layer of pressure
Institutional demand has also shown signs of weakness. During the latest trading session, the U.S. spot Ethereum ETF recorded a net outflow of US$160.9 million, bringing the cumulative divestment amount in the past five days to approximately US$506 million, setting the largest five-day net outflow record since January this year.
这延续了本周早些时候显现的弱势态势，当时以太坊 ETF 经历了数周以来最大的资金流出。因此，短期市场格局与九月中旬截然不同：彼时交易所储备下降及 ETF 资金回流重新入场，为 ETH 提供了供应紧缩的逻辑支撑。
