Ether extended its downturn on Friday, sliding below $3,100 as a wave of selling gripped the crypto market and bitcoin retreated under the $100,000 threshold.
ETH fell sharply from Thursday’s levels, shedding more than 10% from peak to trough as the market-wide pullback accelerated. The token dropped from roughly $3,565 on Thursday to about $3,060 early Friday, erasing last week’s gains. It later hovered just beneath $3,200, still showing an 8% decline over the past day.
The selloff unfolded alongside weakness across U.S. financial markets, where stocks and bonds also slipped. Market sentiment remained fragile despite the conclusion of the U.S. government shutdown, while rising expectations that the Federal Reserve will keep rates unchanged in December added further pressure.
Since the Fed’s late-October meeting—when Chair Jerome Powell downplayed the likelihood of rate cuts this year—U.S. spot ether ETFs have recorded about $1.4 billion in net outflows, according to Farside Investors. Nearly $260 million exited these funds on Thursday alone, the largest single-day withdrawal in a month.
Long-term holders have also stepped up selling. On-chain data from Glassnode shows investors holding ETH for three to ten years have increased their distribution to around 45,000 ETH per day on a 90-day moving average, worth roughly $140 million. This marks the fastest pace of long-term selling since February 2021.
Ethereum’s network activity has weakened as well. Monthly active addresses have slipped to 8.2 million from more than 9 million in September, while total transaction fees have fallen 42% over the past month to $27 million, according to Token Terminal.
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