Ethereum rebounds above $1,800 but bearish signals persist…spot ETF outflows intensify

Ethereum (ETH) rebounded off the $1,800 level, but the combination of weaker derivatives indicators, slowing on-chain activity and continued outflows from spot ETFs has raised the risk of further declines.

According to Cointelegraph on the 24th (local time), ETH fell to as low as $1,800 intraday before paring losses to around $1,860. The decline over the past 10 days totals about 14%. During this period, roughly $224 million in leveraged long positions was liquidated over 48 hours.

In the options market, demand for downside hedges surged. On Deribit, the put-to-call volume ratio jumped to 2.2, and the 30-day delta skew stood at 18%. This suggests investors are bracing for further downside as put options command a premium.

On-chain metrics are also bearish. According to DefiLlama, total value locked (TVL) on the Ethereum network fell to $51 billion, the lowest level since May 2025. Over the past 30 days, network fees came to $13.7 million, down sharply from an average of $33 million in late 2025. Declines in decentralized-application deposits and shrinking fees reflect softer network demand.

Outflows have also continued from U.S.-listed spot Ethereum ETFs. Since Feb. 11, cumulative net outflows have reached $405 million, bringing total assets under management down to $12.4 billion. Over the same period, gold prices topped $5,150, and gold ETFs posted net inflows of $822 million in the week ended Feb. 20.

Plans by Ethereum co-founder Vitalik Buterin to donate 16,384 ETH from his personal holdings also weighed on sentiment. The donation is said to support privacy technology, open-source hardware and verifiable software systems.

Ethereum has moved in lockstep with Bitcoin (BTC) in recent weeks, with the 20-day correlation holding above 95% over the past three weeks. Cointelegraph said it is difficult to conclude that the $1,800 support level is solid until derivatives indicators stabilize.