Overview
- Spot Ethereum ETFs saw $19.41 million in net outflows on Dec. 12, with BlackRock posting inflows while withdrawals at Grayscale and Fidelity pulled the total negative.
- On-chain metrics flagged a surge in taker sell volume and roughly 60,000 ETH moving onto exchanges, coinciding with the drop toward $3,000.
- Derivatives stress intensified as ETH-led liquidations topped $120 million in 24 hours, including a $5.6 million single position and a $537 million whale long now in unrealized loss.
- Exchange-held ETH has fallen to multi-month lows, and analysts note whale accumulation with a realized cost area near $2,400 that could act as support or become a capitulation zone.
- Technical views diverge between bullish inverse head-and-shoulders and “Gold-like” breakout setups versus a bear-flag risk pointing toward $2,400 if key levels around $3,100–$3,300 fail.