ChainCatcher reports, since reaching a high of $3,668 on January 7, 2025, Ethereum has cumulatively dropped 50%. The on-chain activity of the entire Ethereum ecosystem has significantly slowed down, and with weakening fundamentals and persistently low ETH demand, market sentiment is clearly bearish.

As multiple key risk events approach, the derivatives market has begun pricing in a 10% significant volatility (in either direction) within the next week. Notably, Ethereum's price is gradually approaching the lows seen during the FTX bankruptcy period. FTX is expected to begin repaying major creditors on May 30, 2025.