Ethereum's ETH token fell below $3,300, wiping out its gains for the year. It began 2023 at $3,285 and peaked at $4,946 in late August before dropping 31.2%. Bitcoin is hovering near the $100,000 mark, opening the day at $106,557 but dipping to $100,050. This decline in ETH and Bitcoin comes amid a broader crypto market pullback affecting nearly all cryptocurrencies, with Bitcoin down 5.8% and other major platforms like BNB Chain and Solana losing over 7.8%. The recent downturn triggered significant liquidations, with at least $1.37 billion in leveraged positions wiped out as Bitcoin dropped below $104,000. Analysts indicate that traders are losing confidence, particularly after a flash crash in October that caused the largest liquidation event in crypto history. Market sentiment is further influenced by expectations regarding Federal Reserve Chair Jerome Powell’s comments on possible interest rate cuts. In the ETF space, Bitcoin ETFs experienced $187 million in net outflows, while ETH ETFs lost $136 million in a single day.