Ethereum (ETH) Drops to 41-Month Low, Falls 52% Below ATH

Ethereum the second largest crypto asset by market capitalization has dropped to a staggering 41-month low its lowest level since April 2021.

The second-largest crypto asset by market cap, Ethereum, has hit a 41-month low, trading at $2,300.

This comes as the asset has faced massive sell-offs, with crypto whales selling over $10 million in ETH in 24 hours.

The asset is down 52% from its all-time high and is trading at 0.039 BTC, down by 24% this year and by 35% from the year-to-date high.

The asset has also dropped against other top cryptocurrencies like Solana 52%, Binance Coin 0.88%, and Tron (TRX).

Ethereum’s all-time high is $4,878 which it hit on November 2021; the asset is currently trading at $2,312 a 52% drop from its highest price level.

The Ethereum price drop is largely a result of the asset witnessing massive sell-offs of recent.

For starters, the spot Ethereum Exchange Traded Funds has underperformed and currently has a net outflow of $581 million.

The Ethereum ETFs also hold a total of $6.62 billion in assets which pales in comparison to Bitcoin ETFs which have over $54 billion in assets and an inflow of $18 billion

The Ethereum Foundation and Vitalik Buterin have also sold off Ethereum tokens recently.

However, Buterin claims he never sells Ethereum tokens for personal gain.

Vitalik Buterin sold off around $2.2 million worth of Ethereum while the Ethereum Foundation has dumped over 350,000 coins.

Crypto whales are not left out in the sell-offs as their onchain activity shows that they are selling the asset.

Nansen revealed that an anonymous crypto whale sold over $10 million worth of Ethereum in the last 24 hours.

Nansen also revealed that Jump Trading a big name in the crypto industry depleted their Ethereum reserves from over $531 million in July to zero.

Besides the sell-offs, Ethereum seems to be losing market share to other Layer 2 network solutions like Polygon, Blast, Base, and Arbitrum which offer faster transactions at a lower cost.

All these factors contribute to Ethereum losing the most value amongst its peers in the top 5 category.