$170M ETH Longs Liquidated as Crypto Market Tumbles: Is Ethereum Doomed?

The Ethereum network is facing significant challenges as its price declined by 20% over 30 days, slightly worse than the 17% drop in the broader cryptocurrency market capitalization.

This decline has led to $170 million in liquidations of bullish leveraged ETH positions, with the perpetual futures annualized funding rate flipping into deeply negative territory at a 3% level, indicating a lack of confidence from bulls.

The Ethereum Foundation's recent restructuring, including a 40% budget cut and laying off 20% of its staff, has also raised concerns about the network's development and stability.