Ethereum Price Tumbles 3.98% Amid Global Macro Trends

Ethereum's price plummeted to $2,172.34 on Friday, experiencing a 3.98% drop. A leverage-driven liquidation cascade wiped out $500 million in long positions, making it one of the most significant events this year.

The move was triggered by global macro trends, including rising bond yields and the worst U.S. equities session since March. This is contrary to the popular myth that crypto-only volatility drives these events.

Ethereum's liquidation profile differs from Bitcoin's due to its higher leverage density, making ETH cascades faster and more violent on a percentage basis. The Ethereum price drawdown was stronger than Bitcoin's during the 24-hour window, driving the liquidation volume higher.