Ether slid sharply on Friday, breaching the $3,100 mark as a broad crypto-market selloff intensified and bitcoin fell back below the key $100,000 level.

Ethereum’s native token plunged more than 10% from Thursday’s peak to Friday morning, extending the downside momentum that swept through digital assets. ETH dropped from highs near $3,565 on Thursday to around $3,060 early Friday, effectively wiping out the previous week’s rebound. The asset later steadied just under $3,200 but remained down roughly 8% over the past 24 hours.

The decline unfolded alongside a risk-off move across U.S. markets, with equities, bonds, and cryptocurrencies falling in tandem. Liquidity conditions remained fragile in the aftermath of the recently resolved U.S. government shutdown, while expectations grew that the Federal Reserve will hold interest rates steady in December.

Since the Fed’s late-October meeting—where Chair Jerome Powell pushed back against widespread anticipation of December rate cuts—spot ether ETFs in the U.S. have recorded $1.4 billion in net outflows, according to data from Farside Investors. Thursday alone saw nearly $260 million leave ETH funds, marking the largest single-day outflow in a month.

Adding to the selling pressure, long-term ether holders have begun offloading tokens at an accelerated pace. Glassnode data shows holders with coins aged 3–10 years have increased distribution to roughly 45,000 ETH per day on a 90-day moving average—around $140 million at current prices—the fastest selling rate since February 2021.

Network fundamentals have also softened. Monthly active Ethereum addresses have declined to 8.2 million from more than 9 million in September, while total transaction fees over the past month have dropped 42% to just $27 million, according to Token Terminal.