Olga Kharif writes on how the plunge in the value of Ether is highlighting the debate around the prospects for the second-largest cryptocurrency.

The crypto selloff is deepening — and no one’s sure where the bottom is. Bitcoin has dropped more than 40% from its all-time high. Ether, the token of the Ethereum network, just fell to its lowest level since May 2025. A wave of ETF redemptions, forced liquidations, and broad risk-off selling is ripping through digital assets, and some of the industry’s core narratives are crumbling with prices.