Weak Onchain Activity and ETF Outflows Add Pressure on Ether

[lingriiddd]

Beyond derivatives, onchain metrics are flashing warning signs for Ethereum. Data from DefiLlama shows total value locked (TVL) has fallen to $51 billion — its lowest level since May 2025 — while monthly network fees dropped to $13.7 million, far below late-2025 averages. Slowing decentralized application activity is fueling concerns that demand for block space may not rebound quickly.

Institutional flows are also turning negative. According to Farside Investors, US-listed Ether ETFs have recorded $405 million in net outflows since Feb. 11, reducing total assets under management to $12.4 billion. Meanwhile, ETH’s 20-day correlation with Bitcoin remains above 95%, limiting its ability to decouple from broader market weakness. With whales and market makers positioned cautiously, traders remain wary of further downside risk.

[cryptohog]

95% correlation with bitcoin but none of the main character energy