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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InThe cryptocurrency market is facing a sharp sell-off that has breached key psychological and technical support levels amid a notable decline in investor risk appetite. According to reports, Ethereum price slipped below the $2,000 mark to hit an intraday bottom of $1,955. This decline coincided with Bitcoin ETFs recording $3.45 billion in outflows over an 11-day streak, weighing heavily on sentiment and triggering $742 million in long liquidations as Bitcoin fell below $69,000.
This downturn comes as digital assets face pressure compared to traditional asset classes, with market data showing that the correlation between crypto and institutional fund flows has become a primary price driver. Compared to the previous quarter, research indicates this 11-day outflow streak is among the longest since the launch of US-based spot ETFs. Major altcoins such as Solana and Cardano also witnessed synchronized declines, reflecting a broader sectoral bearishness per market data.
Traders should closely watch Ethereum's daily closing levels, with the instrument trading near $1,980 (close June 3, 2026). Looking ahead at the economic calendar, upcoming US employment data and speeches from Federal Reserve officials may provide signals regarding global liquidity, which will directly impact whether digital assets can reclaim broken support levels or continue their downward trajectory.