Ethereum prices are still hovering around $2K , not moving upward, despite recent outflows from the ETH Spot ETF valued at $242 million. This suggests that institutional investors are starting to reduce their holdings or shift to safer assets.

The main pressure comes from macroeconomic factors. The US 2-year bond yield is around 3.4%, and investors might wonder why they should take on the risk with Ether when bonds are offering a safe return. Plus, the high borrowing costs make the 2.9% staking yield less attractive. Ethereum's on-chain activity remains strong, but the current price seems to be more driven by market sentiment than fundamentals.

The options market also shows bearish signals. Professional traders are paying premiums for downside protection, indicating that any recovery might face sellers waiting in the wings. The market remains cautious about macro signals, and any rebound could be slower than usual, depending on how quickly the economy adjusts.