Weak stocks and declining DeFi use continue to weigh on Ethereum price

cointelegraph.com:

Ether’s (ETH) 12-hour closing price has been respecting a tight $1,910 to $2,150 range for twelve days, but oddly enough, these 13% oscillations have been enough to liquidate an aggregate of $495 million in futures contracts since May 13 according to data from Coinglass.

The worsening market conditions were also reflected in digital asset investment products. According to the latest edition of CoinShare's weekly Digital Asset Fund Flows report, crypto funds and investment products saw a $141 million outflow during the week ending on May 20. In this instance, Bitcoin (BTC) was the investors' focus after experiencing a $154 weekly net redemption.

Regulatory uncertainty weighed on investor sentiment after an updated version of the Russian mining law proposal came to light on May 20. The document in the lower chamber of the Russian parliament no longer contained the obligation for crypto mining operators registry nor the one-year tax amnesty. As cited by local media, the legal State department stated that these measures could "possibly incur costs on the federal budget."

Additional pressure on Ether price came from the Nasdaq Composite Index's 2.5% downturn on May 24. In addition, the heavily-tech stock-driven indicator was pressured after social media platform Snap (SNAP) tumbled 40%, citing rising inflation, supply chain constraints and labor disruptions. Consequently, Meta Platforms (FB) shares fell by 10%.

The number of active addresses on the largest Ethereum network's decentralized applications (DApps) has dropped by 27% from the previous week.

The network's most active decentralized applications saw a substantial reduction in users. For instance, Uniswap V3 weekly addresses decreased by 24%, while Curve faced 52% fewer