Ethereum spot ETFs have now posted net outflows for 17 straight trading days, the longest streak since the products launched. The last day of net inflows was May 8. On June 3 alone, roughly $52.94 million left the funds, dragging total net assets down to about $9.96 billion, according to data compiled by the reporter. The selling pressure has been relentless — and it's not just ETF holders heading for the exits.
Long-term holders pull back
On-chain data shows a sharp reversal among long-term holders — wallets that have held ETH for more than 155 days. Their net position change hit a 2026 high of 339,222 ETH on June 1. Two days later it collapsed to 68,470 ETH, an 80% drop in just 48 hours. That kind of rapid unwinding from so-called 'hodlers' suggests even patient investors are losing conviction at current levels.
The timing isn't great. Aggregate open interest in ETH futures remains elevated, and funding rates on Binance just hit their highest point since early 2026, per CryptoQuant. That's usually a sign the market is overheated on the long side — and when the unwind comes, it comes fast.
Liquidations pile up
Over the 24 hours ending June 3, about $368.63 million in Ethereum long positions were liquidated. That's part of a broader crypto wipeout totaling $1.61 billion across all assets. The liquidations acted as a feedback loop: falling prices forced more longs to close, which pushed ETH lower still.
For context, ETH has dropped roughly 10% over the past week. The slide accelerated on June 2 when price sliced through the neckline of an inverted cup and handle pattern — a bearish formation that often signals more downside ahead. The measured target from that breakdown is about 21% lower, near $1,550.
Where ETH stands now
As of this writing, Ethereum trades around $1,795. The nearest support sits at $1,714. If that level fails — and with momentum this weak, it's a real risk — the path to $1,550 opens up. On the upside, resistance clusters at $1,893 and $2,004, but reclaiming those would require a catalyst that isn't obvious right now.
The ETF outflow streak alone doesn't guarantee further price declines, but it's hard to ignore the weight of 17 consecutive days of sellers. The next few sessions will show whether $1,714 holds or becomes another casualty of this June sell-off.
