Ethereum (ETH) saw its most loyal holders cut buying by roughly 80% in two days as spot ETF outflows reached a 17th straight session.
Key Points:
- Long-term Ether holders cut their buying by about 80% between Jun. 1 and Jun. 3.
- Spot Ether ETFs logged a 17th consecutive day of net outflows, shedding roughly $52.94 million.
- Forced selling erased about $368.63 million in Ether long positions during a wider crypto rout.
Ethereum Outflows Extend Streak
The selling started with institutions. Spot Ether funds have now bled for 17 straight trading days, the longest run since the products launched, with the last net inflow dating to May 8, data showed.
The latest reading pushed about $52.94 million out of the funds, with BlackRock's product driving most of it and total net assets falling to roughly $9.96 billion. The most patient holders soon followed. A gauge of supply held by coins older than 155 days peaked at 339,222 ETH on Jun. 1, then collapsed to 68,470 ETH by Jun. 3, a drop of about 80% in two days.
Also Read: Can Chainlink Hold $8.05? On-Chain Data Says Buyers Are Loading Up
Leverage Sparks ETH Liquidations
With steady buyers gone, the market leaned on borrowed money. Funding rates for Ether on Binance hit their highest level since early 2026 just as Bitcoin (BTC) slid below $70,000, analysts flagged.
A high positive rate means traders crowd the long side and pay to keep those bets open, which raises the odds of forced selling once prices slip. That risk played out fast. About $368.63 million in Ether longs were force closed over 24 hours, part of a market-wide wipeout that topped $1.6 billion.
Ethereum Price Levels Watched
The chart shows where the damage landed. Ether broke down on Jun. 2, slicing below the neckline of an inverted cup and handle, a bearish pattern that projects a roughly 21% decline and extended its weekly slide to nearly 10%.
Ether slid under $1,800 after the breakdown, though a long lower wick hinted that some buyers stepped back in. A move below $1,714 would open the path toward the $1,550 target. To shift the tone, the token needs to reclaim $1,893 and then $2,004.
The slide caps a rough stretch for the second-largest cryptocurrency. ETH has retreated roughly 40% from its August 2025 record near $4,954, marking its weakest level in about 14 weeks.
Read Next: Bitcoin Briefly Slips Under $62K As Liquidations Sweep The Market