Ether Drops After $170M Liquidations as ETFs See Six Weeks of Outflows

Ether fell about 5% on Tuesday, wiping out the previous 12 days of gains and triggering roughly $170 million in liquidations of bullish leveraged positions. The perpetual futures annualized funding rate flipped deep into negative territory — around the 3% level — as demand for bearish exposure briefly surged and shorts paid to keep positions open.

Over the past 30 days ETH has slid about 20%, slightly worse than the 17% drop in total crypto market capitalization. Investors cited concerns tied to US–Iran peace negotiations and the high costs of artificial intelligence build-outs, while U.S.-listed spot Ether ETFs recorded six straight weeks of net outflows, totaling $910 million since mid-May and trimming assets to $9.4 billion.

On-chain metrics show strain: total value locked in decentralized applications fell 23% in three months, even as Ethereum still commands a $38 billion DeFi TVL and about 53% market share. Including layer-2s, the ecosystem accounts for 43% of DEX volumes, yet 30-day fees are relatively low at $11 million.

United States

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