Key Takeaways
Sellers are dominating Ethereum on Coinbase while Bitcoin approaches a make-or-break test of the $60,000 support level.
Ether fell 0.4% to $1,749 as of 11:00 UTC on June 19, extending a six-week decline that has erased roughly 30% of its value, according to CoinGecko data. The Coinbase Premium Index — a measure of the price gap between Coinbase and Binance — has turned decisively negative, signaling that US-based traders are selling ETH at a faster clip than their global counterparts.
The selling pressure comes as exchange inflows accelerate. Binance recorded net inflows of roughly 57,700 ETH in recent days, according to CryptoQuant analyst Pelin Ay, adding fresh supply to a market where new demand remains subdued. Only about 320 new addresses have deposited ETH during this period, well below levels seen during previous buying waves.
"The muted participation suggests limited new capital entering the market, leaving recent price stability dependent on existing holders," Ay said.
Ethereum's "Age Consumed" metric has also risen sharply, indicating that older, previously inactive coins have moved on-chain, with a portion of those transfers occurring at realized losses. The data suggests some long-term holders exited positions during the latest downturn.
Derivatives activity has cooled in tandem. Ether futures open interest fell to $10.3 billion from $15 billion a month ago, a decline of roughly 31%, marking the lowest aggregate open interest since April 2025, per CryptoQuant. The estimated leverage ratio dropped to 0.83 from an all-time high of 1.10 on June 2, representing one of the largest leverage unwinds since late 2025.
Bitcoin tests the $60,000 floor
Bitcoin traded near $62,400 as of 11:00 UTC, down 0.8% from midnight, after hitting a weekly high near $67,000 earlier this week, according to CoinDesk data. The largest cryptocurrency is now approaching the $60,000 level, a threshold that traders have identified as a critical support zone.
Deribit data shows a surge in bearish positioning, with traders loading up on put options at strikes as low as $52,000 for expirations through July 31. Notable flows included 540 contracts at the July 10 $55,000 strike and 314 contracts at the July 31 $52,000 strike, according to Laevitas data.
The bearish tilt reflects multiple headwinds: a hawkish Federal Reserve bolstering the US dollar, persistent outflows from spot Bitcoin ETFs, and mounting pressure on Strategy, the largest publicly listed Bitcoin holder, whose preferred stock STRC has plunged to record lows below its $100 par value.
What's at stake for Ethereum
Ether's technical structure places the $1,700 area as the immediate battleground. The April 2025 low at $1,384 remains the nearest major downside liquidity target if support fails, with a longer-term demand zone between $1,289 and $1,071 dating back to early 2023.
On the daily chart, Ethereum's RSI has recovered to around 37 after falling below 20 during the recent selloff, signaling that downside momentum has eased. The weekly RSI sits near 31, a level that has historically coincided with macro lows for the asset.
US spot Ethereum ETFs have done little to absorb selling pressure, with a prolonged 17-day streak of net outflows that has left market depth weaker than earlier this year. While the pace of withdrawals has started to slow, institutional demand remains absent.
If $1,700 fails to hold, the move toward $1,384 should accelerate, and put option values would expand quickly. Conversely, a sharp risk-on reversal that pushes ETH back above $1,800 could cause rapid time decay for bearish positions, squeezing short sellers who have piled into downside protection.
This article is for informational purposes only and does not constitute investment advice.
