ETH price crashed below $1,600 after a vulnerability in Zcash emerged and Bitcoin sold off below $60,000. Ether (ETH) plummeted to a 13-month low of $1,540. The Ether futures annualized funding rate flipped negative, indicating increased demand for short positions. Demand for downside price protection surged as the Deribit ETH options put-to-call premium spiked to 3.7 times. Ethereum network Total Value Locked (TVL) declined to its lowest since February 2024.
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