Prices fall below a key psychological level: Driven by geopolitical tensions and macroeconomic uncertainty, the entire cryptocurrency market has declined across the board. ETH has fallen below $1,900, briefly dipping to the March low of $1,837.93—down more than 62% from its all-time high of $4,878.26.

· Institutional funds continue to leave: Market sentiment is directly affected by institutions “voting with their feet.” The US spot Ethereum ETF has recorded net outflows for the third consecutive week. In particular, net outflows in May alone reached $401 million, and recent single-day outflows have also hit $257.3 million. Leading funds such as BlackRock and Fidelity are among the main sellers.
· Macro and derivatives signals are skewed bearish: Geopolitical conflict has sparked risk-averse sentiment, putting pressure on the overall crypto market. At the same time, market liquidity remains tight, with ETH’s 2% market depth falling to a multi-month low. Options market data also shows that the biggest “max pain” level for contracts expiring in early June is below $2,000, which may further intensify market volatility.
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