ETH Sees Sustained Selling Pressure for Three Consecutive Months, Says CryptoQuant

Ethereum Sees Record Sell-Offs, Falls to Multi-Year Lows Against Bitcoin

Ethereum (ETH) has faced an unprecedented wave of selling pressure over the past three months, marking the highest level of active sell-offs in five years, according to CryptoQuant CEO Ki Young Ju.

Since the start of 2025, ETH has plunged 43%, retreating from its yearly high of $3,744 to its current price of $1,899. CoinDesk research reveals that the ETH-to-BTC ratio has dropped to its lowest point in five years, while Ethereum’s four-year compound annual growth rate (CAGR) has turned negative in comparison to Bitcoin.

Despite this downturn, ETH has rarely dipped below $1,900 in recent years. Investors who acquired ETH between June 2022 and October 2023, as well as throughout 2020, would still be in profit at current price levels.

Short-Term Holders Struggle as Long-Term Investors Begin to Exit

Glassnode data indicates that short-term holders (STHs)—those who have held ETH for less than 155 days—are experiencing the most significant realized losses. Meanwhile, even long-term holders (LTHs), who typically weather market volatility, are starting to sell their holdings.

Large whale investors holding 100,000 ETH or more have played a key role in driving realized losses, with major sell-offs accelerating since February, according to Glassnode insights.