Ethereum’s price action has taken a quick downturn after reaching a multi-year high of $4,776 and smashing against its “Active Realized Price” level on August 14. The second-largest cryptocurrency has suffered a sell-off in the past six days, with its price falling to as low as $4,074 in the last 24 hours. The decline is occurring alongside institutional investors beginning to pull money from Spot Ethereum ETFs at a record pace, a trend that casts doubt on the sustainability of Ethereum’s price surge above $4,800 and into new all-time highs.

$422.3 Million Pulled In A Single Day

According to data from SosoValue, Tuesday, August 19, was one of the worst days on record for Spot Ethereum ETFs based in the US. Notably, about $422.30 million was withdrawn in a single session

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