Ethereum was one of February’s worst-performing large-cap altcoins, sliding more than 36% over the month and repeatedly testing the $2,000 support level in recent days. On Friday, February 27, ETH dropped over 5%, falling to just above $1,900.
A key on-chain indicator that helps explain that move was the Taker Sell Volume for Ethereum perpetual swaps, which climbed sharply across exchanges that day. Taker Sell Volume tracks the amount of sell orders executed by takers — traders who hit existing orders at market rather than placing limit orders. When that metric rises, it signals heavier immediate selling pressure as more participants accept standing sell offers.
Crypto analyst Maartunn (@JA_Maartun) shared data showing Ethereum’s Taker Sell Volume spiking to as high as 105 million ETH on Friday. That burst of taker-driven selling coincided with ETH falling from above $2,000 to roughly $1,920 by the end of the session, helping to explain the one-day decline.
Price snapshot and flows
At the time of writing, ETH traded near $1,925, down just over 5% in 24 hours and about 2% over the past week. The single-day selling pressure reflects a broader weakening trend, which has included meaningful withdrawals from U.S.-listed Ethereum exchange-traded funds.
Market data indicates roughly 563,600 ETH — about $1.13 billion at recent prices — were withdrawn from U.S. ETH ETFs over the past five weeks. Those outflows point to softened investor demand since late January and add to the bearish environment.
Outlook
For Ethereum to mount a sustainable rebound, demand and sentiment must turn noticeably more positive. Until that shift occurs, elevated taker sell volumes on perpetuals and continued ETF outflows are likely to remain material headwinds for price recovery.
Source: @JA_Maartun. Price chart data from TradingView.