Compass Investments

– In this post. ETH has fallen in price by 5% in 24 hours due to selling pressure amid the US jobs report.

On August 2, the Ethereum ETF recorded a net outflow of $54.27 million, bringing the cumulative outflow to $510.7 million.

More than $80 million of ETH positions were liquidated, 89% of which were long.

In the last 24 hours, the price of ETH has fallen by 5% to fall below the $3,000 mark. ETH is on a losing streak as the industry has come under selling pressure due to a disappointing US jobs report.

The global cryptocurrency market is feeling the impact of rising unemployment in the US, which jumped from 4.1% to 4.3% last month, indicating the early stages of a recession. Total cryptocurrency market turnover fell more than 4% to $2.2 trillion over the past 24 hours.

Despite the fact that the U.S. Securities and Exchange Commission (SEC) approved the creation of an exchange-traded fund linked to Ether, the price of Ethereum has fallen by almost 10% over the past 30 days. This comes after the second largest cryptocurrency by market capitalization soared to the $3,500 mark thanks to the hype surrounding the ETF launch.

reports of large outflows from the newly created ETF for Ether have added to the selling pressure. According to the data, on Aug. 2, net outflows from the Ether ETF totaled $54.27 million and cumulative outflows totaled $510.7 million, indicating significant oversold conditions.

ETHE of Greyscale reported outflows of $61.43 million in the past 24 hours, with total outflows totaling $2.12 billion to date. Fidelity’s FETH and Franklin’s EZET reported inflows of US$6.02 million and US$1.14 million, respectively.

The price of ETH has fallen 9% over the past seven days, reflecting investor sentiment; ETH is currently trading at an average price of US$2,990. Compared to last year, this figure is up 31% .

According to Coinglass, over $80 million in long and short Ethereum positions have been liquidated in the last 24 hours. Of the liquidated bets, $71.6 million (89% ) were long. This suggests that traders were expecting a sharp rise in price before the bearish wave swept through the market.

When the Fear and Greed Index fell below 50 points, other major altcoins also entered the red zone along with Ethereum: the prices of Solana (SOL) and BNB fell by 6% and 8% respectively; BNB is now the fourth largest by market capitalization, far ahead of SOL. Over the past seven days, the price of Solana has fallen by 18% .