Ethereum’s downfall this week was mainly driven by a shake-down in leverage and negative ETF inflows. On January 7, 2025, significant outflows reached 86.8 million USD. This downturn resulted in a strong sell-off, with the market reflecting a shift in favor of bears as ETH dominance fell from 12.87% to 12.32%.

Amidst the sell-off, Ethereum whales have been accumulating ETH, with 519,620 ETH obtained on January 7. This accumulation suggests a possible market recovery. Although the total negative spot flows peaked at 235.66 million USD, the presence of large holders might indicate Optimism for ETH’s potential rebound in the near future.