Ether erases gains after hitting a fresh record over the weekend

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Ether pulled back 6% to $4,548 on Monday after hitting a record high of $4,954 over the weekend, while bitcoin dropped over 1% to $111,502. The recent volatility followed a market surge after Fed Chair Jerome Powell hinted at possible rate cuts, triggering forced selling of $245 million in ETH and $175 million in bitcoin long positions. Ether has been leading the crypto market, supported by corporate accumulation, staking, and ETF inflows, though ETFs saw $237 million in outflows last week—the first negative week for ETH since May, CNBC has reported. Bitcoin ETFs, meanwhile, experienced over $1 billion in net outflows.