Ethereum Near $1,750 as 54M ETH Sit in Loss, Spot ETFs Bleed $29M

Ethereum News

On-chain data shows roughly 54 million ETH are now held at a loss, leaving holders with unrealized losses on a scale not seen since the FTX collapse of November 2022. Glassnode's Supply in Loss metric has climbed to its highest reading since that cycle low, when Ethereum bottomed near $1,100. Much of the underwater supply was accumulated close to the recent $4,950 peak, leaving late buyers deep in the red. While rising loss supply signals latent selling pressure, some observers read such extreme prints as capitulation that has historically coincided with long-term bottoms rather than the start of a deeper bear market.

US spot Ethereum ETFs swung back to net outflows on June 17, shedding $29.37 million just two sessions after flows had turned positive. Grayscale's ETH product led redemptions at $9.89 million, followed by BlackRock's ETHA at $8.97 million and Fidelity's FETH at $4.34 million, with seven of ten funds finishing in the red. Cumulative net inflows still stand at $11.19 billion, while combined net assets total $9.58 billion, equal to roughly 4.54% of Ethereum's market capitalization. Daily turnover reached $504.6 million, with BlackRock's ETHA alone accounting for $408.6 million of that activity, underscoring how concentrated trading remains in a single issuer.

BitMine Immersion Technologies has cemented its position as the world's largest corporate Ethereum holder, with a treasury of about 5.62 million ETH valued near $9.65 billion. The company expects its staking operations to generate roughly $219 million annually, earmarked for preferred-share dividends and shareholder returns. Its 9.50% Series A perpetual preferred, BMNP, trades above its $80 par value, while common stock BMNR closed at $15.70, down 3.15%. The London Stock Exchange recently approved a 3x leveraged ETP on BMNR, widening European access, and markets are watching a possible Russell 1000 inclusion. The firm's pivot from small-scale Bitcoin mining underscores the corporate treasury trend.

Ethereum's options market flashed a defensive tilt as put volume edged ahead of calls over the past 24 hours. Total open interest held near $6.07 billion, down 0.16% on the day, with calls still dominating positioning at 59.62% versus 40.38% for puts. By trading volume, however, puts narrowly led at 50.39%, pointing to short-term hedging demand. The heaviest open interest clustered in the $2,000 and $2,500 calls expiring June 26, alongside a $3,200 call dated December. The most actively traded contract was a $2,100 call expiring the same day, balanced against busy $1,150 and $1,700 puts as traders braced for further volatility.

A sharp deleveraging swept the market as $177.89 million in leveraged positions were force-liquidated over 24 hours, with longs accounting for $121.21 million, or 68.14% of the total. Binance absorbed $80.1 million of those liquidations, roughly 45%, underscoring how concentrated the unwind was. Ethereum slid about 3.3% to near $1,733 during the flush, tracking Bitcoin lower. The trigger was macro: the Federal Reserve held rates at 3.50% to 3.75%, but a hawkish dot plot showed nine of eighteen officials penciling in a 2026 hike, with markets pricing roughly 60% odds of an October increase, erasing the rate-cut bets that had fueled the recent bounce.

Institutional caution extended across the majors, as combined spot Bitcoin and Ethereum ETF outflows reached $111.53 million in the same session. Bitcoin funds lost $82.16 million while Ethereum products bled their $29.37 million, signaling that the institutional bid had cooled across both flagship assets. In contrast, Hyperliquid's spot ETF drew another $2.14 million in net inflows, extending a streak that has lifted cumulative inflows to $182.56 million. The divergence suggests capital is rotating from large-cap exposure toward mid-cap altcoin plays with clearer growth narratives, as funds increasingly favor protocols demonstrating real revenue and on-chain traction over broad blockchain beta.

COINOTAG's proprietary 42-indicator composite scoring engine rates immediate resistance at $1,749.78 a 68/100, driven by the confluence of the prior day close, the R2 pivot and the EMA 20, with the next barrier at $1,825.33 (68/100) anchored by the Ichimoku Kijun and prior day high. Support at $1,726.10 scores 66/100 on the Ichimoku Tenkan and S1 pivot. Derivatives stay tilted long: open interest near $6.57 billion, a 2.66 long/short ratio (72.7% long) and a barely positive 0.0010% funding rate leave the tape exposed to long squeezes. With RSI at 41.42, a bullish MACD and Fear and Greed at 15, reclaiming $1,750 favors bulls, while losing $1,726 invalidates the thesis.