Ether extended its slide on Friday, dropping below $3,100 as the latest wave of crypto-market weakness accelerated and bitcoin slipped back under the $100,000 level.
ETH’s decline was steep, with the token falling more than 10% from Thursday’s high to early Friday’s low. Prices tumbled from around $3,565 on Thursday to roughly $3,060 the following morning, erasing the entirety of last week’s recovery. By midday, ether steadied just under $3,200, still reflecting an 8% decline over the previous 24 hours.
The downturn coincided with broad selling across U.S. markets, where stocks and bonds also moved lower. Liquidity conditions remained fragile following the end of the U.S. government shutdown, and expectations grew that the Federal Reserve will keep interest rates on hold at the December meeting, narrowing appetite for risk assets.
Since the Fed’s late-October gathering—where Chair Jerome Powell pushed back against expectations of imminent rate cuts—U.S.-listed spot ether ETFs have posted around $1.4 billion in net outflows, according to Farside Investors. Thursday alone saw nearly $260 million withdrawn, marking the largest daily outflow in a month.
Long-term ETH holders are contributing to the selling pressure. Glassnode data shows that investors holding coins for three to ten years have increased their distribution to roughly 45,000 ETH daily on a 90-day moving average. At current prices, that equates to about $140 million per day—the fastest pace of long-term selling since February 2021.
On-chain activity has weakened as well. Monthly active addresses on Ethereum have dropped to 8.2 million from more than 9 million in September, while total network fees over the past month have fallen 42% to $27 million, according to Token Terminal data.
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