Ether, the second-largest cryptocurrency by market value, fell by 27% on Feb. 3, hitting US$2,135, its steepest intraday drop since May 2021.

The decline followed investor concerns over US President Donald Trump’s tariff threats.

In comparison, bitcoin decreased by 6%, while solana dropped by 13%.

The selloff was driven by traders closing leveraged positions, with ether losing the key ETH/BTC ratio at 0.03, triggering over US$600 million in liquidations.

The decentralized finance (DeFi) sector, which heavily relies on ether, also suffered, with US$ million in collateral sold on Aave V3 platform.

The largest single liquidation order, valued at US$25.6 million, occured on Binance in an ether-bitcoin trade.

Market-wide concerns over economic consequences from tariff adjustments contributed to the broader downturn, also impacting stocks markets in Asia and Europe.