Ethereum (ETH) has declined approximately 37% over the past month, trading near $1,900 after sustained selling pressure and continued outflows from wallets linked to co-founder Vitalik Buterin. Blockchain data show that roughly 17,000 ETH were reduced from his tracked holdings in February, with sales executed in smaller batches through decentralized venues. The drawdown has coincided with compressed staking yields and broader weakness across large-cap crypto assets. At the same time, decentralized lending protocol Mutuum Finance (MUTM) has outlined plans for a new upgrade to its V1 protocol release.
Ethereum (ETH)
According to market data, Ethereum fell almost 37% in the last month. The drop has coincided with sustained outflows from wallets attributed to co-founder Vitalik Buterin, whose holdings decreased from roughly 241,000 ETH at the beginning of February to about 224,000 ETH. The reduction of around 17,000 ETH, valued near $43 million, followed a January pledge to allocate a similar amount toward privacy and security-focused initiatives.
Blockchain data indicate that the transactions were executed through decentralized exchange aggregator CoW Protocol and split into multiple smaller trades. This execution method is commonly used to reduce slippage and minimize immediate market impact. However, the steady sequence of outflows throughout the month has added incremental supply during a period of broader market weakness.
The decline in Ether’s price has also occurred alongside compressed staking yields, which have fallen to approximately 2.8%. With more than 30% of ETH supply locked in staking, lower returns may reduce the relative attractiveness of staking compared to alternative yield options. At the same time, continued selling pressure has deepened unrealized losses for large corporate holders.
Corporate treasuries remain exposed to the downturn. Bitmine Immersion Technologies, one of the largest institutional ETH holders, is estimated to be carrying multi-billion-dollar unrealized losses after ether fell sharply over the past six months. The combination of declining prices, lower staking yields, and ongoing outflows has reinforced cautious sentiment around the asset in the near term.
Mutuum Finance (MUTM)
While major cryptocurrencies face elevated liquidation pressure, some projects continue advancing development during the broader market slowdown. Mutuum Finance, a decentralized lending and borrowing protocol, reports more than 19,000 holders of its native MUTM token, currently priced at $0.04. The first version of the protocol is live on the Sepolia testnet, allowing users to test core lending and borrowing features in a simulated environment. According to the team, the Sepolia beta has surpassed $150 million in testnet total value locked (TVL).
Dashboard data published by the project indicate that 2 separate wallets have each contributed more than $360,000, with approximately 10 additional wallets recording individual allocations exceeding $100,000. In total, Mutuum Finance reports over $20.6 million raised to date.
On the development side, the team stated that it is working on additional features while refining existing components of the codebase, including optimizations to the Stability Factor. While a new feature release has been indicated for the coming week.
As development progresses toward a mainnet launch, the project’s roadmap outlines 4 phases, with the team currently in Phase 3 and a few tasks remaining for completion. According to the whitepaper, future plans include the introduction of an overcollateralized stablecoin, as well as multichain expansion and Layer 2 integration aimed at broadening ecosystem functionality.
The roadmap includes the completion of security audits of the project’s smart contracts, with Mutuum Finance reporting that two audits have been finalized. The first review covered the MUTM token smart contract and was conducted by CertiK, resulting in a Token Scan score of 90 out of 100. In addition, the project launched a bug bounty program in partnership with CertiK, featuring a reward pool of up to $50,000.
A second audit focused on the lending and borrowing protocol smart contracts and was completed by Halborn, a blockchain security firm that has also conducted audits for major industry participants, including Solana and Coinbase.
Ethereum’s recent monthly decline underscores the continued pressure on large-cap crypto assets amid sustained outflows, compressed staking yields, and cautious institutional positioning. Market participants remain focused on whether broader sentiment stabilizes or if additional downside develops in the near term.
At the same time, projects such as Mutuum Finance are progressing with protocol development and outlining future expansion plans despite the market downturn. As volatility persists, investor attention appears split between monitoring price stability in established assets and tracking infrastructure-focused initiatives building through the current cycle.
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