ETH Outflows Hit $114.82M as BTC Pulls In $95.20M in Flows

Ethereum recorded $114.82 million in outflows on the November 9 flow snapshot, the largest token exit among major cryptocurrencies, while Bitcoin moved the opposite way and attracted $95.20 million in inflows. Cash-outs into Korean won totaled $17.98 million in the same period, the second-largest fiat conversion after the U.S. dollar.

The numbers sketch a market rotating away from ETH and toward BTC, with a parallel shift into stablecoins. Funds flowing into stablecoins reached $146.38 million for USDT and $10.15 million for USDC. Flows out of stablecoins into other cryptocurrencies ran at $83.94 million for USDT and $10.50 million for USDC — meaning Tether saw roughly $62 million more move into it than out of it over the window.

Where did the money leave and where did it land?

On the inflow side, BTC dominated at $95.20 million. ETH came second at $12.76 million despite leading outflows, and SOL followed at $5.74 million. The next tier of token inflows consisted of:

• SPCXB: $4.54 million
• WBETH: $3.63 million
• UNI: $3.10 million
• NVDAB: $3.01 million
• SOXLB: $2.70 million

The outflow column tells a sharper story. ETH's $114.82 million exit dwarfed every other token, and it substantially exceeded BTC outflows of $13.90 million — roughly an eightfold gap. XRP shed $40.60 million and ZEC $40.44 million, both ranking well ahead of BTC's exit. The rest of the outflow list included:

• SOL: $6.44 million
• BOB: $5.92 million
• WBETH: $3.96 million
• TRX: $2.29 million

WBETH appears on both sides of the ledger, with $3.63 million flowing in and $3.96 million flowing out — a near wash that suggests holders reshuffling between wrapped and spot exposure rather than a directional bet.

What do the fiat channels show?

New money entering the crypto market came overwhelmingly through the U.S. dollar: $43.41 million. The remaining fiat on-ramps were small by comparison — EUR at $2.13 million, SGD at $1.66 million and JPY at $1.61 million. Together, the three non-USD entry points add up to less than $5.5 million, underlining how concentrated dollar liquidity remains in crypto's funding base.

On the exit side, cash-outs into fiat totaled $37.22 million into USD, $17.98 million into KRW and $2.66 million into EUR. The KRW figure stands out. Korea's share of realized fiat exits is nearly half the dollar figure, a disproportionate weight for a single national market and a signal that Korean traders were actively converting positions back into local currency.

The $17.98 million KRW cash-out also points to profit-taking or de-risking in the Korean market rather than fresh positioning. Combined with ETH's outsized outflow, the pattern is consistent with holders of the second-largest cryptocurrency reducing exposure and parking proceeds in Tether or local fiat.

What the snapshot can and can't tell you

A single-day flow snapshot captures direction, not causation. What it does establish is scale: ETH bled $114.82 million while BTC absorbed $95.20 million, USDT gained roughly $62 million net, and $17.98 million exited into won. Whether the ETH exit reflects rotation into BTC, stablecoin de-risking or both, the November 9 data marks one of the sharper single-token divergences in recent snapshots — and the next prints will show whether the ETH outflow was a one-day event or the start of a sustained rotation.