CryptoQuant Reports Record-High Ether Sell-Off in Last 90 Days

Ethereum Sees Unprecedented Selling Pressure, Hits Five-Year High in Active Sell-Offs

Ethereum (ETH) has been under intense selling pressure over the past three months, with CryptoQuant CEO Ki Young Ju reporting record-high levels of active sell-offs—the most significant in the last five years.

ETH has plunged 43% year-to-date, falling from its 2025 peak of $3,744 to its current price of $1,899. CoinDesk research shows that the ETH-to-BTC ratio has dropped to a five-year low, and Ethereum’s four-year compound annual growth rate (CAGR) has turned negative relative to Bitcoin.

Despite this decline, ETH has only dipped below $1,900 a handful of times since 2020. Investors who accumulated ETH between June 2022 and October 2023, as well as in 2020, would still be in profit at current prices.

Short-Term Holders Take Heavy Losses, While Long-Term Investors Begin to Fold

On-chain data from Glassnode reveals that short-term holders (STHs)—those holding ETH for less than 155 days—are facing the most significant realized losses. However, even long-term holders (LTHs), who traditionally weather market downturns, are beginning to offload their holdings.

Additionally, whale investors holding 100,000 ETH or more have been the main force behind realized losses, particularly since February, according to Glassnode’s data.