TLDR
- ETH dropped to $1,800, wiping out $224 million in leveraged long positions over 48 hours
- Options data turned bearish, with put-to-call volume hitting 2.2x on Tuesday
- Ethereum’s TVL fell to $51 billion, its lowest since May 2025, with 30-day fees at $13.7 million
- Ether ETFs saw $405 million in net outflows since Feb. 11, with AUM dropping to $12.4 billion
- Vitalik Buterin sold 3,788 ETH worth ~$7.3 million over three days, adding to bearish pressure
Ethereum’s native token, Ether, dropped to $1,800 this week, extending a 14% decline over 10 days. The move wiped out $224 million in leveraged long positions within 48 hours.
The selloff has pushed traders into defensive mode. Options data from Deribit shows the put-to-call volume ratio jumped to 2.2x on Tuesday, a clear sign that traders are paying up for downside protection rather than betting on a recovery.
The options delta skew also hit 18%, meaning put options are trading at a clear premium over calls. That kind of lopsided demand typically reflects fear rather than confidence in the market.
ETH is currently sitting 63% below its all-time high. Despite that, buyers have not stepped in with conviction.
Network Activity Hits Multiyear Lows
Onchain data is adding to the pressure. Ethereum’s total value locked has slipped to $51 billion, the lowest reading since May 2025.
Network fees over the past 30 days came in at just $13.7 million. That compares poorly to the $33 million monthly average seen in late 2025, suggesting a meaningful drop in usage across decentralized applications.
Weaker fee revenue and lower TVL point to reduced demand for Ethereum’s blockspace, which some traders are reading as a negative signal for ETH’s long-term value proposition.
Ethereum co-founder Vitalik Buterin sold 3,788.57 ETH, worth roughly $7.3 million, over the past three days, according to blockchain analytics firm Lookonchain. While Buterin has previously directed ETH sales toward charitable causes and ecosystem funding, the timing added a layer of negative sentiment to an already difficult week.
vitalik.eth(@VitalikButerin) continues to sell $ETH.
Over the past 3 days, he has sold 3,788.57 $ETH($7.3M).https://t.co/pMvkZHjIyDhttps://t.co/yQHZT3jRtA pic.twitter.com/wDreT4ysOW
— Lookonchain (@lookonchain) February 24, 2026
Arkham data shows wallets linked to Buterin still hold over $430 million in crypto assets, meaning the recent sales are a small fraction of his total holdings.
ETF Outflows Accelerate
US-listed Ether ETFs have seen $405 million in net outflows since February 11. Total assets under management across these products have fallen to $12.4 billion.
According to SoSoValue , February 24 (ET), Bitcoin spot ETFs had a total net inflow of $258 million, with Fidelity FBTC ranking first with a net inflow of $82.8138 million. Ethereum spot ETFs had a total net inflow of $9.2271 million, and Grayscale ETH saw a net inflow of… pic.twitter.com/aGDzZHWB07
— Wu Blockchain (@WuBlockchain) February 25, 2026
The outflows coincided with gold ETFs pulling in $822 million in the week ending February 20, as gold prices climbed above $5,150, suggesting some institutional rotation away from crypto.
ETH’s 20-day correlation with Bitcoin has stayed above 95% for three consecutive weeks, meaning Ether has largely moved in lockstep with BTC, which itself dropped below $65,000 this week.
The put-to-call ratio remains elevated and ETF outflows have continued into the most recent trading sessions.
