Key Highlights
- Ethereum fell 9.92% in 24 hours to $1,589.76, extending its weekly losses to more than 21%.
- Over $429 million in ETH positions were liquidated, with long traders accounting for the vast majority of losses.
- U.S. spot Ethereum ETFs recorded $19.3 million in net inflows, suggesting continued institutional interest despite the market downturn.
Ethereum (ETH) experienced a sharp sell-off on June 5, 2026, dropping 9.92% in the last 24 hours to trade at $1,589.76. The decline pushed ETH to its lowest level in recent weeks, contributing to a broader cryptocurrency market correction as Bitcoin hovered near the $60,000 support zone.
According to data from CoinMarketCap, Ethereum’s market capitalization fell to approximately $191.86 billion, reflecting a 9.78% drop in the past day. 24-hour trading volume reached $33.43 billion, indicating heightened market activity amid the price decline. Over the past week, ETH has lost 21.49% of its value, underscoring sustained bearish pressure.
Sell-off triggers significant liquidations
At the time of this writing, data from Coinglass shows $429.33 million in Ethereum liquidations over the past 24 hours, with the majority being long positions wiped out ($371.43 million long vs. $57.90 million short).
The largest single liquidation reached $8.04 million, while volatility spiked with ETH price movement exceeding 13.62% intraday. A total of 34,449 traders were liquidated worldwide during the session.
Following the liquidation, the blockchain analytics firm Lookonchain reports that DeFi liquidation risk builds around $ETH, with 343,075 ETH worth $547M sitting near liquidation levels. It further notes that 46,741 $ETH worth $74.71 million will be liquidated at $1,565.72 and 58,032 $ETH worth $92.85 million will be liquidated at $1,555.04.
Furthermore, 100,394 $ETH worth $159.43 million will be liquidated at $1,426.31, and 137,908 $ETH worth $220.41 million will be liquidated at $1,361.73.
Positive inflows despite price drop
Despite the heavy price drop, U.S. Spot Ethereum ETFs recorded modest inflows. According to SoSoValue data as of June 4, daily net inflows for US ETH spot ETFs stood at $19.30 million. Cumulative net inflows reached $11.21 billion, with total assets under management at $9.78 billion, representing about 4.57% of Ethereum’s market capitalization.
A combination of factors, including macro risk-off sentiment, Bitcoin’s price slip, and persistent challenges in the broader crypto ecosystem, has pushed the price negatively. Elevated liquidations amplified the downside move, creating a cascade effect as stop-loss orders were triggered.
However, some positive signals remain. The modest ETF inflows indicate that certain institutional investors continue to accumulate at lower prices. Additionally, Ethereum’s upcoming Glamsterdam hard fork, expected in Q3 2026, is anticipated to bring Layer 1 improvements, including enshrined proposer-builder separation and block-level access lists.
Investors advised to monitor market for directional cues
The current market environment remains highly volatile. Investors are suggested to closely watch Bitcoin’s movement for directional cues, alongside ETF flow trends and broader macroeconomic developments.
While short-term sentiment is negative, many long-term holders view the current prices as a potential accumulation zone ahead of Ethereum’s next major network upgrade cycle. The coming days will be critical in determining whether the $1,589 level holds as support or if further correction is required to reset market conditions.
Also Read: Crypto Market Today: Ethereum Crashes Below $1,600, Bitcoin Tests $60K, XRP Nears $1.10
