Ethereum
Why Ethereum is down 1.7% in the last hour
Analysis
Ethereum (ETH) slipped 1.7% over the past hour as attention shifted toward ecosystem-level developments rather than immediate ETH demand, including Espresso network’s launch of its ESP token and airdrop amid an ongoing Ethereum layer-2 debate, which can temporarily redirect trader focus and liquidity within the broader ETH/L2 space (CoinDesk). Meanwhile, a report that roughly $660 million worth of ETH has been pulled from exchanges over the past week points to reduced exchange balances, but that longer-horizon supply dynamic didn’t prevent a short-term dip (U.Today).
Contributing Factors (3)
Espresso network launches ESP token with 10% airdrop amid Ethereum layer-2 debate
The network transitioned to proof-of-stake and coincides with the rollout of the ESP token, which is used for staking, securing the network and protocol participation.
Ethereum Worth $660 Million Pulled From Exchanges in One Week
Ethereum sees selling pressure subside as accumulation grows with 330,000 ETH tokens withdrawn from exchanges in the past week.
Chainlink feeds go live for Ondo tokenized US stocks on Ethereum
Price feeds for SPYon, QQQon and TSLAon are now live on Ethereum, allowing the Ondo-issued tokenized equities to be used as collateral in DeFi lending markets.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.