Ethereum tests $1,500 as ETF outflows and exchange inflows

Ethereum fell to $1,506 in the past 24 hours, testing the $1,500 level. The price reached its weakest point since April 2025 as broader crypto markets showed weakness and Bitcoin traded near $60,000.

Data show four consecutive weeks of spot-ETF withdrawals totaling about $870 million. Total assets in spot Ethereum ETFs have declined from roughly $30 billion at their peak to about $8.7 billion, equal to roughly 4% of Ethereum’s circulating market capitalization.

On a single day, roughly 2.24 million ETH moved onto trading platforms. More than half of that inflow-over 1.16 million ETH-went to one major exchange. A wallet linked to an Ethereum co-founder transferred about 80,001 ETH after more than three years of inactivity.

Exchange balances rose while ETF holdings fell. Coins on exchanges are easier to trade or use as collateral, increasing immediately available supply on trading venues.

Derivatives open interest contracted in recent days. Total open interest in Bitcoin futures declined by about 25% to roughly $23.2 billion. Ethereum futures open interest fell about 13% to near $9.8 billion. Automated liquidations closed many leveraged long positions over a short period, reducing overall leverage in the market.

Options traders increased demand for downside protection. The put-to-call premium for Ethereum options reached about 3.7 times. Open interest clustered at downside strikes, with roughly $108 million at $1,500, $75 million at $1,400 and $78 million at $1,000. Short-dated implied volatility rose from about 36% earlier this year to roughly 67%. The seven-day options skew moved to about -14%, compared with roughly -3% to -4% in late May.

Social metrics show higher use of terms associated with market capitulation and increased retail pessimism. Market participants are watching whether the $1,500 level will hold and monitoring ETF flows and exchange deposits for signs of changing supply and demand.