Ether-tracked futures lost more than $236 million, about double that of $125 million on Bitcoin futures, amid a bearish sentiment.
The futures of Stepn’s GMT tokens recorded $23 million in losses following regulatory pressure from the Chinese authorities, which led to the closure of its Step-to-earn protocol. The futures of Solana lost $11 million, while that of Sandbox dipped by $9 million.
ETH sank to as low as $1,728 on Friday, wiping about 9% of its value in the past 24 hours. The technical outlook shows that ether is at a support level, facing resistance at $1,900.
The drop in ether is reportedly attributable to decreasing demand for Ethereum’s blockchain space. Gas on the network has been on a lower slope since December, recently reaching multi-year lows.