Ethereum Price Plummets Amid Weak Institutional Demand

Ethereum's price has been under pressure due to a decline in institutional demand in exchange-traded funds (ETFs) and staking markets. According to recent data, BlackRock's ETHA ETF led the losses, experiencing over $59 million in outflows on Tuesday. This is part of a broader trend in spot Ethereum ETFs, which have seen cumulative inflows of $11.6 billion. However, this influx has not been enough to offset the decline in demand.

The price of Ethereum has fallen sharply in recent weeks and is now hovering at its lowest level since April. Key metrics such as chain fees and total value locked (TVL) in DeFi have also declined. The network made less than $40 million in fees in the first quarter, a significant drop from previous years when it was one of the biggest fee generators in the crypto industry.