Investors Are Fleeing Ethereum, On‑Chain Numbers Reveal
Summary
Ethereum price faced downward pressure, losing approximately 6% in value over 24 hours, primarily due to geopolitical tensions following an Israeli airstrike on Iran. The Ethereum Open Interest (OI) on Binance dropped by 19%, indicating a bearish sentiment and panic selling among investors. This decline suggests a lack of confidence, with traders closing long positions either manually or through forced liquidations. Concurrently, there was a significant withdrawal of 7,000 BTC from Coinbase, indicating large investors may be reallocating funds back into Bitcoin. As a result, Ethereum's price is currently around $2,546, reflecting a nearly 4% decline in the last day.
