Ethereum is under renewed pressure, and it’s not just about price. Over the past 15 days, its market capitalization has fallen about 11.6%, while U.S. spot Ether ETFs have logged 8 straight trading days of net outflows from May 11 through May 20, for roughly $431.9 million in withdrawals.
There’s also a separate uncertainty layer at the Ethereum Foundation. Departures across research and leadership teams have added to the sense that the organization is in a transition phase, raising fresh questions about execution and direction just as market sentiment is already weakening.