ETH Hits 13-Month Low as ZCash Bug and Liquidations Weigh

Ether (ETH) fell to a 13-month low of $1,540 on Friday as the broader crypto market turned sharply bearish. Traders are bracing for a deeper correction after derivatives shifted toward heavy shorting and a critical vulnerability was discovered in the Zcash blockchain.

The ETH perpetual futures annualized funding rate flipped negative, signaling stronger demand for short positions. Over $1.28 billion of leveraged longs were liquidated in five days, including more than $500 million in 48 hours, while Deribit's ETH options put-to-call premium jumped to 3.7.

Only about 30% of the ETH supply is currently in profit relative to when those coins last moved, and Bitmine (BMNR US) is carrying an estimated $10.5 billion unrealized loss with a 4.5% stake of the total supply. Ethereum network TVL fell to its lowest level since February 2024, with major DApps seeing steep outflows: Spark (-50%), Ether.fi (-49%), EigenCloud (-41%) and KernelDAO (-39%).

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