Ethereum Drops 5% Amid Leverage-Driven Selloff

详细摘要

Ethereum fell 5% in the last hour as a broad crypto deleveraging and ETH-specific selling triggered $12.9M in liquidations. Market-wide liquidations reached $1.23B, with ETH losing key supports.

Ethereum’s approximately 5 percentage point decline in the last hour is part of a broader, leverage-driven market selloff, exacerbated by Ethereum-specific selling and a localized liquidation flush.

Ethereum’s move occurred during a broad crypto deleveraging. Over the last 24 hours, the total crypto market cap fell from about $2.28 trillion to $2.19 trillion, a drop of roughly 4%, with 24h volume up more than 20%, indicating heavy forced trading. Perpetual futures open interest for the whole market fell about 4.7%, while global open interest also declined about 4.7% and average funding turned clearly negative, pointing to leverage being unwound on the long side.

The last hour’s ETH move is not an isolated event. It is one step in a broader leverage flush where long positions across the market have been forced out, producing fast, mechanical price swings as positions are liquidated.

On top of market-wide pressure, there are clear ETH-specific catalysts affecting sentiment and order flow.

Multiple on-chain and media reports show a Foundation-linked wallet (0x5CBC) selling around 5,000 ETH (about $9.9 million) between 10 and 14 November, with an additional 1,000 ETH sale as the market broke below $2,000.³ The ETH was swapped for USDS stablecoins and parked in a multisig wallet. Analysts note that prior Foundation sales in October and early November were followed by 7–10% pullbacks, even though the absolute amounts are small relative to global volume.

X posts in the last day highlight another batch of 2,500 ETH (about $4.6 million) sold from the same cluster of addresses, on top of the previous 5,000 ETH over recent days, bringing recent sales to 7,500 ETH.⁴ Others summarize that 7,500 ETH were offloaded in four days for roughly $14.5 million in stablecoins while ETH slid from above $2,400 to just above $1,800.⁵

Several market notes tie ETH weakness to sustained outflows from spot Ethereum ETFs.

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