Ether continued its steep retreat on Friday, breaking below $3,100 as selling pressure intensified across the crypto market and bitcoin slipped under the $100,000 threshold.
The token saw a sharp reversal from Thursday’s levels, shedding more than 10% from its peak as the broader downturn gained momentum. ETH fell from about $3,565 on Thursday to near $3,060 early Friday, effectively wiping out last week’s rebound. It later hovered just below $3,200, still down roughly 8% on the day.
The pullback aligned with a wider risk-off move in U.S. markets, where equities and bonds also declined. Liquidity conditions remained strained following the recently concluded U.S. government shutdown, and rising expectations that the Federal Reserve will pause any rate adjustments in December further weighed on sentiment.
ETF flows added to the pressure. Since the Fed’s late-October meeting—when Chair Jerome Powell pushed back against hopes for December rate cuts—U.S.-listed spot ether ETFs have logged around $1.4 billion in net withdrawals, according to Farside Investors. Nearly $260 million flowed out on Thursday alone, the largest daily bleed in a month.
Long-term ETH holders have also been reducing exposure. Glassnode data shows investors holding coins for three to ten years have stepped up selling to roughly 45,000 ETH per day, based on a 90-day moving average—equivalent to about $140 million at current prices. This is the fastest pace of long-term distribution since February 2021.
On-chain metrics point to softening fundamentals. Monthly active Ethereum addresses have slipped to 8.2 million from more than 9 million in September, while total transaction fees over the past month have dropped 42% to $27 million, according to Token Terminal.
