Tassaduq · 2026-02-25T18:56:34.000Z

Le liquidazioni dei futures ETH hanno raggiunto $224 milioni dopo un calo del prezzo del 9%, mentre l'attività onchain della rete è scesa ai minimi di 12 mesi. L'alta correlazione di ETH con Bitcoin e i massicci deflussi dai fondi negoziati in borsa suggeriscono un ulteriore rischio di ribasso per il prezzo di Ether. Ether (ETH) è crollato a $1,800 martedì, cancellando $224 milioni in posizioni rialziste con leva in 48 ore. Questo calo del prezzo del 14% negli ultimi 10 giorni ha lasciato i trader top sulla difensiva. I dati su opzioni e futures, l'attività onchain lenta e i deflussi costanti dai fondi negoziati in borsa (ETF) di Ether indicano tutti un pavimento instabile a $1,800.

ETH futures liquidations reached $224 million after a 9% price drop, while the network’s onchain activity fell to a 12-month low.
ETH’s high correlation with Bitcoin and massive outflows from exchange-traded funds suggest further downside risk for Ether price.
Ether (ETH) plunged to $1,800 on Tuesday, wiping out $224 million in leveraged bullish positions over 48 hours. This 14% price slide over the last 10 days has left top traders defensive. Options and futures data, sluggish onchain activity, and steady outflows from Ether spot exchange-traded funds (ETFs) all point to a shaky floor at $1,800.
 ETH options put-to-call volume premium at Deribit. Source: laevitas.ch
After demand for put (sell) and call (buy) options stayed fairly balanced from Monday through Saturday, things shifted quickly on Tuesday. The ETH put-to-call volume premium jumped to 2.2x, showing a sudden scramble for downside protection. While some might have sold puts to bet on a price bounce, the broader market seems to be bracing for more volatility.
 ETH 30-day options delta skew (put-call) at Deribit. Source: laevitas.ch
The options delta skew (put-call) sat at 18% on Tuesday, meaning puts were trading at a clear premium. This lopsided demand shows that hedging is the priority right now. There is a real lack of confidence here, even with ETH sitting 63% below its all-time high. A lot of this frustration comes down to some pretty weak onchain numbers.
 Ethereum network TVL & weekly chain fees, USD. Source: DefiLlama
The total value locked (TVL) on Ethereum has slipped to $51 billion, which is the lowest level seen since May 2025. With fewer deposits hitting decentralized applications (DApps), network fees have taken a hit to $13.7 million over the last 30 days. That is a far cry from the $33 million average seen in late 2025. Traders are worried that ETH demand for data processing won’t return anytime soon.
Even though it was expected, the recent $7 million in ETH sales linked to Ethereum co-founder Vitalik Buterin haven’t helped the mood. The Ethereum co-founder earmarked ETH 16,384 of his personal holdings in January as donations to fund privacy-focused technologies, open source hardware and secure, verifiable software systems. Still, the optics of the move added another layer of bearish pressure to an already shaky week.
Outflows from Ether ETFs have only made things worse for investor sentiment. Usually, this kind of movement means institutional players are losing interest.