Ethereum's native token has faced mounting pressure from weak spot demand and institutional outflows. Senior departures from the Ethereum Foundation have added to concerns about the network's direction. The developments coincide with a broader shift in market sentiment toward competing blockchains.
Data shows fund holdings of ETH have fallen from a peak above 7 million tokens in October 2025 to around 5.5 million. Ethereum ETF assets under management stand near $12.14 billion after a 23 percent drop from their January peak. May outflows reached about $470 million across two weeks, while the ETH/BTC ratio hit a 10-month low at roughly 0.02758.
