Ethereum's price has dropped by 3.39% today, reaching a low of $3,298.43, as the broader cryptocurrency market experiences a significant downturn. This decline is part of a larger market trend, with the entire crypto market shedding $180 billion in value. Bitcoin, the largest cryptocurrency, has also seen a substantial decrease, retreating from its recent highs. The sell-off appears to be driven by profit-taking following recent gains, particularly after the U.S. elections. According to CNBC, Ethereum's price fell by 4.2% earlier in the day, reflecting the overall bearish sentiment in the market.
Despite the price drop, there is still notable institutional interest in Ethereum, as evidenced by inflows into spot Ethereum ETFs. On November 25, these ETFs saw a total inflow of $2.83 million, indicating that institutional investors remain confident in Ethereum's long-term potential. Analysts suggest that the recent outflows from Bitcoin ETFs were likely due to profit-taking and do not undermine the positive long-term trend for cryptocurrencies. The contrasting movements in Bitcoin and Ethereum ETFs highlight the ongoing strategic interest from institutional investors, even amid short-term price fluctuations.