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US spot Ethereum exchange-traded funds lost $365.3 million last week, marking the sixth consecutive week of outflows for the products, according to BeInCrypto. During the same period, three large wallets added approximately 35,350 ETH to their holdings, highlighting a divergence in behavior between institutional fund investors and large individual holders.
Earlier reporting: Ethereum Holds $2,230 As Whales Accumulate 18,550 ETH.
Earlier reporting: ETH/BTC Ratio Hits 0.02954 as Ether Outperforms Bitcoin.
As of 07:50 UTC, Ethereum traded at $2,087, -6.7% over 24 hours, with $12.0 billion in 24-hour volume.
Whale Accumulation Details
The most significant recent purchase occurred on November 9, when wallet 0xFD10 borrowed 22 million Tether (USDT) from Aave. The wallet subsequently spent $21.55 million to acquire 10,000 ETH at a price of $2,155 per coin, data from Lookonchain shows. On the same day, a new wallet identified as 0x4AB7 withdrew 3,500 ETH from Binance, bringing its weekly withdrawal total to 16,577 ETH. Analyst EmberCN estimated the average cost basis for the first 9,777 ETH withdrawn by this wallet at approximately $2,304.
Two days prior to November 9, wallet 0x32c6 spent 19.7 million USDT to purchase 8,773.5 ETH at an average price of about $2,245. Corporate treasury firm BitMine has also continued its accumulation strategy, reaching a total of 6,060,506 ETH as of November 1. This holding brings the company close to its stated goal of holding 5% of the total Ethereum supply, per its release.
Exchange Reserves and ETF Outflows
Beyond specific wallet activity, broader on-chain metrics indicate a reduction in liquid supply available on exchanges. Data from CryptoQuant shows that total exchange reserves have fallen to 14.62 million ETH, down from approximately 16.9 million ETH in early January. While lower exchange balances typically suggest less supply is ready for immediate sale, the source notes that coins posted as loan collateral can still re-enter the market through liquidation events.
The outflow streak for US-listed spot Ethereum ETFs began with the week ending October 2. According to SoSoValue data, these funds have shed approximately $2 billion across the six-week period. This sustained capital exit has reduced cumulative net inflows to $11.92 billion, down from a peak of $15.09 billion recorded in October 2025.
Price Action and Technical Levels
Ethereum has dropped 13.98% over the past month. The token stands at $2,140.08 on BeInCrypto Markets, down 4.25% in the past 24 hours. On November 8, ETH closed below the $2,200 level, breaking a rising trend line that had supported the price since its late-June low. BeInCrypto’s November 5 analysis identified this close as meeting the condition for a rising wedge breakdown.
The technical pattern now points to a target of $1,754, which corresponds to the 0.786 Fibonacci retracement level. This target is approximately 18% below the current price. Analyst Daan Crypto Trades has also identified $2,100 as a significant high-timeframe level. The recent whale entries, which occurred between $2,155 and $2,304, currently sit above the market price. If the price extends toward the $1,754 target, these positions would face deeper unrealized losses, potentially pressuring the borrowed positions involved in the purchases.
For an upside move, Ethereum would first need to reclaim the $2,200 level. A daily close above $2,439, the 0.618 Fibonacci retracement level, would then place the $2,500 mark back in play. Until ETF inflows return, large holders are defending price levels that institutional fund investors have not yet backed.
Source: BeInCrypto
