Ethereum (ETH) has lost 13.98% over the month, yet the market is showing a rare divergence: U.S. spot Ethereum ETFs are recording sustained outflows, while large wallets are actively building positions.
Over the past week, $365.3 million was withdrawn from the funds — outflows have now continued for the sixth consecutive week. At the same time, three large wallets added a combined total of approximately 35,350 ETH.
Whales Are Acting: Borrowed Dollars and Withdrawals from Binance
The largest purchase was recorded on November 9: wallet 0xFD10 borrowed 22 million Tether (USDT) on the Aave platform and spent $21.55 million to acquire 10,000 ETH at $2,155.
On the same day, a new wallet, 0x4AB7, withdrew 3,500 ETH from the Binance exchange — over the week, the total withdrawal volume amounted to 16,577 ETH. The average purchase price of the first 9,777 ETH for this address is estimated at approximately $2,304 per coin.
Two days earlier, wallet 0x32c6 spent 19.7 million USDT, buying 8,773.5 ETH at approximately $2,245.
Corporate player BitMine also continues to build its position. By November 1, the company had brought its balance to 6,060,506 ETH, approaching its goal of holding 5% of the Ethereum supply.
Outflows are also observed from exchanges: ETH reserves on trading platforms declined to 14.62 million ETH versus 16.9 million at the beginning of January. Lower exchange reserves mean fewer coins are available for sale, although ETH pledged as collateral for loans could re-enter the market in the event of liquidations.
ETF Investors Are Exiting Their Positions
The series of outflows began in the week ended October 2. Over six weeks, spot Ethereum ETFs sold off assets worth approximately $2 billion. The cumulative net inflow declined to $11.92 billion — from a peak of $15.09 billion in October 2025. These outflows coincided with ETH falling below an important support level.
Breakdown of $2,200 Increases Pressure on Large Positions
Ethereum is trading at $2,140.08 — down 4.25% over the day. On November 8, ETH closed below $2,200, where an ascending trendline had run since late June. Such a close confirms the formation of a downward breakout from a rising wedge. The pattern now points to $1,754 — the 0.786 Fibonacci level, which is approximately 18% below the current price.
The $2,100 mark stands out as important in the long term. The most recent entries by large investors are placed between $2,155 and $2,304 — that is, above the current price. If the decline continues to $1,754, these positions will incur even greater losses, and borrowed funds will come under pressure.
For a recovery, ETH first needs to establish itself above $2,200. A daily close above $2,439 — the 0.618 Fibonacci level — would reopen the path to $2,500. As long as net inflows into ETFs have not returned, large investors are defending a level that Wall Street has not yet supported.
Cryptalist Analysis: The ETH market is demonstrating a classic divergence between institutional and on-chain behavior: ETF investors are locking in losses amid macroeconomic uncertainty, while whales are using the drawdown to accumulate at prices below $2,300. However, the use of borrowed leverage in purchases creates the risk of cascading liquidations if $2,100 is breached. The key trigger for a reversal will be the resumption of inflows into ETFs — without this institutional confirmation, any rebound will remain technical.