With whales continuing to dump ETH and spot Ethereum ETFs reporting large net outflows, Ethereum is under increasing sell pressure.

According to SoSoValue data, U.S. Ethereum (ETH) spot ETFs saw $94.3 million in net outflows on Feb. 26. BlackRock led the outflows with $69.7 million, followed by Fidelity with $18.3 million and Grayscale with $3 million. Over the past week, total net outflows have reached $222 million.

ETH has dropped 5% during the last 24 hours, trading at $2,340 at press time. According to CoinGlass, 24-hour liquidations have totaled $127.93 million. Weaker DeFi activity and liquidity are also seen in Ethereum’s total value locked, which has fallen to $51.5 billion, the lowest level since November 2024.

Rising whale activity is adding to the pressure. Blockchain analytics firm Lookonchain identified and flagged two significant transactions on Feb. 27. These included a $19.63 million sale of 8,074 ETH and a $23.44 million deposit of 10,000 ETH to Binance. Large holders are likely exiting their positions.

The sell-off coincides with greater market turmoil as former US President Donald Trump reiterated plans for a 25% tariff on imports from the European Union, which caused volatility in the cryptocurrency markets.

The latest Bybit hack, which amounted to $1.4 billion, has added to the negative sentiment. Despite the loss, some analysts had expected that Bybit’s large-scale acquisition of ETH to offset the losses would boost the price of Ethereum. However, selling pressure has continued to outweigh any bullish expectations.

Ethereum may find support from two significant developments, despite the current bearish outlook. If the Securities and Exchange Commission approves the staking for Ethereum ETFs, it may strengthen Ethereum’s position as a long-term investment asset.

In addition, on April 8, the much-anticipated Pectra upgrade is set to go live. The anticipated improvements in network scalability and efficiency could draw in new developers and investors, acting