Ethereum dropped approximately 7 % in a rapid sell-off, as crypto derivative positions worth more than $1.1 billion were liquidated within 24 hours. The sharp fall followed heightened volatility in altcoins and risk-off sentiment. Analysts pointed to leveraged futures unwind and margin calls pushing prices lower. Meanwhile, competing tokens like Cardano continue lagging behind better capitalised platforms, raising questions about long-term protocol competitiveness amid turbulent market conditions.