Ethereum Faces Intense Sell-Offs, Hits Five-Year High in Selling Pressure
Ethereum (ETH) has experienced record-breaking active sell-offs over the past three months, marking the highest level of selling pressure in the last five years, according to CryptoQuant CEO Ki Young Ju.
Since the beginning of 2025, ETH has dropped 43%, falling from its yearly peak of $3,744 to its current price of $1,899. CoinDesk research indicates that the ETH-to-BTC ratio has reached a five-year low, while Ethereum’s four-year compound annual growth rate (CAGR) has turned negative against Bitcoin.
Despite the decline, ETH has rarely fallen below $1,900 in the past few years. Investors who accumulated ETH between June 2022 and October 2023, as well as throughout 2020, would still be in profit at current price levels.
Whales Lead the Selling Spree as Short-Term Holders Absorb Losses
Glassnode data shows that short-term holders (STHs)—those who have held ETH for less than 155 days—are seeing the deepest realized losses. Even long-term holders (LTHs), who typically remain resilient during downturns, have started offloading their ETH.
Whales holding 100,000 ETH or more have been the biggest contributors to realized losses, with the selling trend intensifying since February, according to Glassnode’s analysis.
