Ethereum price falls 29.5% as Glamsterdam upgrade delayed

Ethereum fell to $1,616, a 29.5% decline from $2,290 just a day earlier, marking the steepest 30‑day loss among the major coins and underscoring how the pending Glamsterdam upgrade and sustained ETF outflows are pressuring the asset【3】.

Price pressure and tokenomics

Over the past month the crypto market shed roughly $300 billion in value, with Ethereum bearing the brunt of the decline. Its price now sits $1,338 below the August 2025 peak of $4,954, a 67% fall from that high, and $1,734 below the all‑time high of $5,000 reached in summer 2025【1】【3】. The token’s market cap has contracted in line with the price drop, though exact figures were not disclosed. Ethereum’s on‑chain activity has also been muted, as the network’s value‑capture has shifted toward Layer‑2 solutions, a trend the upcoming Glamsterdam upgrade aims to reverse by moving more activity onto the base layer【1】.

Institutional flows and upgrade timing

Ethereum‑focused ETFs have been in a prolonged outflow streak, losing $401 million over 17 trading days—the longest such run for the asset—while Bitcoin ETFs lost $4.4 billion over 13 days【3】. These outflows reflect a broader shift of institutional capital toward assets like Solana and XRP, which have seen net inflows in recent weeks. The Glamsterdam upgrade, originally slated for June, now appears to be pushed into the third quarter, raising uncertainty about when the promised speed boost to up to 10,000 transactions per second will materialize【1】【3】.

Competitive context

Compared with peers, Ethereum’s decline is steeper than Bitcoin’s 23% slide and XRP’s 19.2% drop, but less severe than Solana’s 27.6% fall. However, the relative speed of recovery will likely hinge on the perceived strength of each coin’s catalyst. While Solana benefits from strong ETF inflows and an Alpenglow upgrade, and XRP is buoyed by the pending CLARITY Act vote, Ethereum must rely on the eventual delivery of Glamsterdam and a reversal of ETF outflows to regain momentum【3】.

What to watch

• Glamsterdam upgrade rollout – monitor any official announcements for a Q3 launch date.
• ETF flow thresholds – $500 million net outflow from Ethereum ETFs could signal further pressure.
• Key price levels – $1,700 resistance and $1,500 support may define short‑term range boundaries.

Ethereum’s price slump highlights the fragility of its current valuation without the anticipated upgrade and with capital moving elsewhere. Whether the Glamsterdam upgrade can deliver the promised performance gains—and whether institutional sentiment can swing back—remains the central question for the network’s near‑term trajectory.