The price of ethereum dropped to a three-month low on Tuesday, slipping as low as $3,097, though it has recovered Wednesday. Still, its drop over the past 24 hours was the worst among the top 50 tokens by market capitalization, data pulled from CoinGecko shows.
The price action comes as spot ethereum ETFs recorded five straight days of outflows, with $219.4 million leaving the investment funds Tuesday. The ongoing streak’s total outflow now stands at $719 million, per SoSoValue.
Ethereum’s decline comes as several major treasury firms have an outstanding mNAV under 1. The metric, defined as a company’s market cap divided by the value of its crypto asset holdings, matters because it shows how much a company is worth in the public market relative to the worth of its ethereum assets, per Tony Lau, an investment partner at Primitive Ventures.
BitMine Immersion Technologies and SharpLink Gaming, the two largest ethereum treasury…
