Ethereum $ETH ( ▲ 6.92% ) is facing a double dose of selling pressure as cofounder Vitalik Buterin offloads millions in tokens while institutional money continues to flow out of spot ETFs. The combination has kept the world’s second-largest cryptocurrency stuck on the defensive despite broader interest in digital assets.
On-chain data shows Buterin sold about $5.9 million worth of ETH over several days after withdrawing funds from the lending platform Aave, bringing his monthly sales to roughly 8,000 tokens. Historically, his disposals have funded philanthropy or ecosystem development rather than signaling a loss of confidence, but markets rarely wait around for nuance.
Institutions head for the exits
Meanwhile, spot Ethereum ETFs just logged their fifth straight week of outflows, shedding about $123 million last week alone and nearly $1.4 billion over the streak. Analysts say these flows reflect tactical positioning and macro liquidity conditions more than Ethereum’s underlying fundamentals — but the price impact is real either way.
The last time outflows persisted this long, ETH slid from around $2,200 to below $1,600, a reminder that institutional money can amplify moves in both directions.
Not all demand has disappeared
Despite the gloom, some buyers are stepping in. Ethereum-focused treasury firm BitMine Immersion Technologies $BMNR snapped up roughly $100 million worth of ETH last week, signaling confidence among long-term holders even as traders remain cautious.
For now, Ethereum sits in a tug-of-war between short-term selling pressure and longer-term accumulation — a familiar pattern during crypto downturns. Whether this turns into a deeper slide or a base for recovery will likely depend less on individual sales and more on when institutional flows finally reverse.