Ether.fi token slides on whale outflows despite protocol inflows

Ether.fi's native token has remained under pressure, dropping a further double-digit percentage over the past day and extending losses that have accumulated to 17% over three months and 65% over the year.

The weakness persists despite solid on-chain activity. The protocol has attracted $261 million in inflows since mid-July, lifting total value locked to around $3.48 billion. This pattern typically signals long-term commitment from retail and mid-sized investors seeking protocol yields.

Derivatives data reveals the drag on price. The funding rate for perpetual contracts fell to -0.0101%, one of its lowest points in recent months, indicating that short positions dominate open interest at $57.33 million. Short traders faced minimal liquidations—roughly $15,480 in losses—compared to long liquidations of $342,009 in the same 24-hour window, showing that leverage on the upside has been punished more severely.

Whale behaviour appears to be the key constraint. Large holders have shown net outflows over multiple timeframes, with $2.2 million flowing out over 30 days and spot selling visible across 7-day and 3-day windows. According to the analysis, whale activity has dominated retail flows throughout the year and tends to persist until forced to reverse. This group's continued selling pressure suggests the downtrend may extend further, even as long-term depositors accumulate on-chain.