Ethereum, the second-largest cryptocurrency by market capitalization, is quickly losing the momentum it built this year, dropping near $1,600 on Friday as prediction markets priced in more downside and Tether moved closer to flipping ETH by market value.
Data from crypto price aggregators shows the drop now puts ETH back around levels last seen in late April 2025, wiping out the rebound that followed before the latest selloff.
As of press time, ETH trades at about $1,615, down roughly 9% in the past 24 hours and nearly 19% over the past week, per CoinGecko data. The token is also down about 45.5% year to date.
As a result, ETH's market value has fallen to about $195 billion, leaving it only slightly above Tether's roughly $187 billion market cap.
- USDT has briefly flipped Ethereum several times during past market drawdowns, and the gap is narrowing again.
Prediction markets are also giving ETH little breathing room.
- For instance, on Kalshi traders are pricing an 81% chance that ETH falls below $1,500 before the end of the year. The same market shows a 67% chance of ETH falling below $1,250.
- Polymarket's June market is leaning lower too, with traders pricing a 66% chance that ETH touches $1,500 this month, a 42% chance of $1,400 and a 26% chance of $1,300.
The drop is also putting pressure on one of Ethereum's loudest public-market bulls. BitMine Immersion Technologies, the Ethereum treasury company chaired by Fundstrat co-founder Tom Lee, said in a June 1 SEC filing that it held 5.42 million ETH, or about 4.49% of Ethereum's supply, valued at $2,003 per ETH.
With ETH near $1,615 and BitMine's average cost estimated at about $3,250 per token, the position is sitting on an unrealized loss of roughly $8.9 billion.