Ethereum's Decline Accelerates Amid Bearish Sentiment and Redemptions

Ethereum's market value hovered around $1,580 as it struggled to maintain critical price thresholds throughout June. The blockchain network faced extended decline and approached the possibility of recording three consecutive quarterly losses for the first time in its history.

According to derivatives markets, short positions on ETH totaled $4.09 billion compared to $1.31 billion in long positions, highlighting prevailing bearish sentiment among traders.

US-based spot Ethereum ETFs experienced their seventh consecutive week of net redemptions, shedding $273.3 million in the steepest weekly decline since January.