Ethereum Faces Record Selling, Drops to Multi-Month Lows

Ethereum (ETH) has seen an unprecedented surge in active sell-offs over the past three months, marking the highest selling pressure in five years, according to CryptoQuant CEO Ki Young Ju.

ETH has tumbled 43% since the start of 2025, sliding from its yearly peak of $3,744 to its current level of $1,899. CoinDesk research shows that the ETH-to-BTC ratio has hit a five-year low, and Ethereum’s four-year compound annual growth rate (CAGR) has turned negative compared to Bitcoin.

ETH has rarely fallen below $1,900 in recent years. However, investors who accumulated ETH between June 2022 and October 2023, as well as throughout 2020, would still be in profit despite the downturn.

Short-Term Holders Suffer, While Whales Drive Sell-Offs

On-chain data from Glassnode highlights that short-term holders (STHs)—those who have held ETH for less than 155 days—are realizing heavy losses. Even long-term holders (LTHs), who typically hold through market cycles, have started liquidating their positions.

Whale investors holding 100,000 ETH or more have been a major force behind the recent wave of realized losses, with significant sell-offs occurring since February, according to Glassnode.