Matrixport released a chart today showing that since reaching a high of $3668 on January 7, 2025, Ethereum has fallen by 50% cumulatively. The on-chain activity of the entire Ethereum ecosystem has significantly slowed down, and the weakening fundamentals and continuous low demand for ETH have made market sentiment clearly bearish.

With several key risk events approaching, the derivatives market has started pricing in a significant 10% volatility in the next week (regardless of direction). It is worth noting that the Ethereum price is gradually approaching the low point of the FTX bankruptcy period. FTX is expected to start making payments to major creditors on May 30, 2025.