ETH plunged to $1,800 on Tuesday, wiping out $224 million in leveraged bullish positions over 48 hours. This 14% price slide over the last 10 days has left top traders defensive. ETH futures liquidations reached $224 million after a 9% price drop, while the network’s onchain activity fell to a 12-month low.
The total value locked (TVL) on Ethereum has slipped to $51 billion, the lowest level seen since May 2025. With fewer deposits hitting decentralized applications (DApps), network fees have taken a hit to $13.7 million over the last 30 days. Outflows from Ether ETFs have only made things worse for investor sentiment.
The US-listed Ether ETFs have seen $405 million in net outflows since Feb. 11, pushing total assets under management down to $12.4 billion. ETH price is also stuck to Bitcoin (BTC) as the assets’ 20-day correlation has stayed above 95% for the last three weeks. ETH’s high correlation with Bitcoin and massive outflows from exchange-traded funds suggest further downside risk for Ether price.
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