Ethereum’s slide to its lowest level in more than a year is testing the Wall Street trade that brought the token deeper into institutional portfolios.

Data from CryptoSlate shows that the second-largest cryptocurrency fell to as low as $1,506 during the last 24 hours, its weakest level since April 2025, extending a broad crypto selloff that has already drained leverage from derivatives markets and pushed traders toward defensive positioning.

Crucially, the downswing is not confined to ETH’s spot market as the digital asset is also experiencing a broader deterioration across regulated ETF flows, centralized exchange deposits, and derivatives positioning.

This situation comes at a time when the broader crypto market sentiment has…