Ethereum Drops 5% in a Day as Leverage Unwinds and Institutions Sell
Ethereum Drops 5% in a Day as Leverage Unwinds and Institutions Sell
Ethereum fell more than 5% in a single day, posting a larger decline than Bitcoin, as a combination of selling pressure triggered by leveraged position liquidations, institutional selling, and a shift of capital toward AI-themed assets weighed on prices.
According to CoinMarketCap on February 11 (local time), Ethereum (ETH) traded at $2,011.35, down 5.16% over the past 24 hours, underperforming Bitcoin (BTC), which fell 2.38% during the same period. The market largely views the short-term pullback as stemming from structural pressures in the derivatives market rather than a simple price correction.
The most direct cause was a chain liquidation of leveraged long positions. Over the past 24 hours, approximately $82.7 million in liquidations occurred in the Ethereum derivatives market, sending automated sell orders into a relatively thin spot market. As prices began to fall amid elevated leverage, selling pressure intensified, accelerating capital outflows alongside a reduction in open interest.
Institutional selling added further pressure. Reports that BlackRock sold roughly $45 million worth of Ethereum further dampened market sentiment. At the same time, a broader shift of funds into AI-related equities has continued, limiting liquidity inflows into the cryptocurrency market.
From a technical perspective, the area around $1,990, a recent low, is identified as a key short-term support level for Ethereum. If this level holds, there remains room for a technical rebound toward $2,150; however, a breakdown could open the door to additional declines toward the $1,850 range. The current market fear index stands at 10, remaining in an extreme fear zone.
Market participants are watching the U.S. Consumer Price Index (CPI) scheduled for release on February 14 as a key factor that could determine near-term direction. In the short term, volatility is likely to persist until selling pressures subside, and caution prevails that a sustained rebound will be limited unless spot Ethereum ETF fund flows reverse.
*Disclaimer: This article is provided for investment reference purposes only, and no responsibility is assumed for any investment losses incurred based on this content. The information should be interpreted solely for informational purposes.*
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