Ethereum buying plunges 80% as spot ETFs face 17-day outflows
Long-holder buying of Ethereum fell about 80% from 339,222 ETH on June 1 to 68,470 ETH by June 3 as spot ETFs recorded 17 straight sessions of net outflows, about $52.94 million on the latest day.
Ethereum long-holder accumulation fell roughly 80% from 339,222 ETH on June 1 to 68,470 ETH by June 3, while spot Ethereum ETFs recorded a 17-session streak of net outflows, with about $52.94 million withdrawn on the most recent day. Total net assets in the Ethereum spot ETFs declined to about $9.96 billion after the run of redemptions.
Institutional demand for spot ETFs turned to net redemptions after May 8, with every trading day since showing outflows. On-chain data from Glassnode shows the hodler net position change, which measures supply held by coins older than 155 days, fell from a peak of 339,222 ETH at the start of June to 68,470 ETH two days later.
Data from CryptoQuant and exchange funding figures indicate elevated leverage in futures markets. Funding rates on Binance reached levels not seen since early 2026. Funding rates are recurring payments between traders in perpetual futures; a high positive rate means traders with long positions were paying shorts to hold their positions, a sign of crowded long exposure.
Over a recent 24-hour period, roughly $368.63 million in Ethereum long positions were liquidated. That was part of about $1.61 billion in liquidations across the crypto market during the same window. The liquidations coincided with downward pressure on the spot price.
Price action showed a technical breakdown on June 2, when Ethereum fell below the neckline of an inverted cup-and-handle pattern. The measured downside from that break is about 21%, placing a target near $1,550. After the drop, ETH traded near $1,795 and displayed a long lower wick on the chart.
Key levels to watch include $1,714, where a decline of roughly 5% below that point would expose the $1,550 target. Resistance sits at $1,893 and $2,004; reclaiming those levels would be required to recover much of the recent losses. Trading activity during the decline has shown sustained sell volume.
Over the past week, Ethereum’s price has slid about 10% amid the fall in on-chain demand and the spike in liquidations.
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