ETH Plunges 6.18% as Institutional Withdrawals and Options Expiry Drive Volatile Selloff

Ethereum (ETHUSDT) has experienced a significant price decline of 6.18% over the past 24 hours, dropping from 3128.01 to 2934.65 USDT on Binance. This downward movement can be attributed to a combination of factors, including large withdrawals by institutional investors, increased leveraged trading activity, and elevated market volatility following the expiration of substantial Bitcoin and Ethereum options. On-chain data shows a notable 8.4% decrease in distributed ETH, indicating heightened selling pressure. The market has seen a surge in trading volume, with Binance recording 530,890.62 ETH traded in the last 24 hours, equivalent to 1.60 billion USDT, as investors reacted to the price drop. Despite short-term bearish indicators and a volatile environment, Ethereum remains the second-largest cryptocurrency, with a market capitalization between $354.19 billion and $376.81 billion and a circulating supply of approximately 120.7 million ETH.