Prices fall below key psychological threshold: Affected by geopolitical tensions and macroeconomic uncertainties, the cryptocurrency market declines across the board. ETH price drops below $1,900, briefly reaching the March low of $1,837.93, down more than 62% from the all-time high of $4,878.26.

· Institutional funds continue to flow out: Market sentiment is directly impacted by institutional "vote with their feet." The US spot Ethereum ETF has experienced net outflows for three consecutive weeks. In May alone, net outflows reached $401 million, with recent single-day outflows also hitting $257.3 million. Leading funds like BlackRock and Fidelity are among the main sellers.
· Macro and derivatives signals are bearish: Geopolitical conflicts trigger risk-averse sentiment, putting pressure on the overall crypto market. Meanwhile, market liquidity remains tight, with ETH’s 2% market depth dropping to a multi-month low. Options market data also shows that the maximum pain point for contracts expiring in early June is below $2,000, which could intensify market volatility.
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