ETH futures liquidations hit $224 million after a 9% price drop, with onchain activity at a 12-month low. High correlation with Bitcoin and massive outflows from ETFs suggest further downside risk for Ether price. Top traders defensive as Ether plunges to $1,800, wiping out $224 million in leveraged positions over 48 hours.

ETH put-to-call volume premium at Deribit hits 2.2x as demand for downside protection surges. Options delta skew at 18% shows clear premium for puts, indicating priority for hedging. Weak onchain numbers contribute to lack of confidence, with Ethereum network TVL dropping to $51 billion and weekly chain fees at $13.7 million.

$7 million in ETH sales linked to Vitalik Buterin add bearish pressure, alongside outflows from Ether ETFs totaling $405 million since Feb. 11. US-listed Ether ETFs see total assets under management decline to $12.4 billion. Ether’s 20-day correlation with Bitcoin remains above 95%, fueling bearish sentiment and uncertainty in the market.

Read more at Cointelegraph: ETH Falls To $1.8K As Bearish Data Spooks Investors