Ethereum has been among the hardest-hit large-cap altcoins in February, losing more than 36% over the month and struggling to hold the $2,000 level in recent days.
On Friday, February 27, ETH plunged more than 5%, dipping to just above $1,900. An on-chain metric that helps explain that drop is the Taker Sell Volume, which spiked steadily across exchanges on that day.
The Taker Sell Volume measures the total volume of sell orders executed by takers in Ethereum perpetual swaps — market participants who hit existing orders rather than placing limit orders. A rising read on this indicator signals heavier selling pressure as more market participants accept prevailing sell offers.
Data shared by crypto analyst Maartunn (@JA_Maartun) showed the Ethereum Taker Sell Volume climbing as high as 105 million ETH on Friday. That surge in taker selling provides context for the price decline that moved ETH from above $2,000 to around $1,920 by the end of the day.
Price snapshot and recent flows
At the time of writing, ETH trades near $1,925, down over 5% in the past 24 hours and roughly 2% over the past week. The one-day selling pressure echoes a broader trend seen over recent weeks, including notable outflows from US-based Ethereum exchange-traded funds.
Market data indicates about 563,600 ETH — roughly $1.13 billion at recent prices — were withdrawn from US ETH ETFs over the past five weeks. Those sizable outflows underscore weaker investor demand since late January and contribute to the bearish backdrop.
Outlook
For ETH to stage a sustained bullish reversal, market sentiment and demand will need to shift more positively. Until then, elevated taker sell volumes and ETF outflows remain headwinds for price recovery.
Featured image from iStock; price chart from TradingView. Source: @JA_Maartun
