Ethereum Traders Grow Increasingly Bearish as ETFs Bleed, ETH Sinks Near $2,000

By Logan Hitchcock

Users on Myriad—a prediction market platform operated by Decrypt’s parent company, Dastan—are becoming increasingly convinced about a near-term descent for Ethereum, favoring a move to $1,500 for the second-largest crypto asset rather than a potential rebound back towards $3,000. 

Ethereum was recently trading around $2,057, down 0.8% in the last 24 hours and more than 10% in the last month. As a result of its continued slide, odds have shifted to favor a “dump” to $1,500 at 63% on Myriad—up more than 13% in the last week. 

While leading Ethereum treasury firm BitMine Immersion Technologies continues to accumulate ETH at a ferocious pace—nabbing $230 million worth last week to push its total stash value above $11 billion—it doesn't appear to be yielding broader demand for the asset. 

Ethereum ETFs are on an 11-day losing streak of net outflows, as nearly $500 million worth of investments has left the exchange traded products in that time, according to data from Farside.

“We are in the depths of a bear market affecting almost every crypto asset, Ethereum included,” Bitwise Head of Research Ryan Rasmussen told Decrypt. 

“Still, Ethereum maintains a large share of the stablecoins and tokenized assets markets, and financial institutions continue to build on Ethereum,” he added. “We expect Ethereum to rerate higher when the crypto market turns the corner and emerges from the bear market."

How much higher it might turn around with a market bounce remains to be seen. Predictors on Polymarket give Ethereum 51% odds to fall back to $1,500 during 2026, but even lower odds to hit higher marks like $3,500 or $4,000, which hold odds of 26% and 16% respectively, according to predictors. 

ETH, which made a new all-time high of $4,946 in August, sits nearly 59% off its high marker. Bitcoin, by contrast, is about 40% off its own peak price above $126,000 set in October.

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