· Price falls below a 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 its 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 the third consecutive week. 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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