Ethereum Slides to $2,120 as ETF Outflows Hit $184.5 Million

Ethereum traded at $2,120 on November 10, down 5.78% over seven days, as U.S. spot Ethereum ETFs recorded $184.51 million in net outflows on November 9, according to SoSoValue data. The withdrawals extend a run of redemptions that removed roughly $365.2 million between November 2 and November 6. Institutional buying has not stopped the slide, and the divergence between accumulation and price is the story investors should examine.

How large are the ETF withdrawals?

The nine U.S. spot Ethereum ETFs posted $651.11 million in trading volume on Monday, with combined net assets of $12.07 billion and cumulative net inflows of $11.74 billion since launch. BlackRock's ETHA accounted for $345.9 million in withdrawals during the first week of November, while Fidelity's FETH took in $15.3 million over the same period, SoSoValue data show.

The November 9 session also followed a liquidation cascade. CoinGlass recorded more than $462 million in liquidations on November 9, of which roughly $425 million — about 92 cents of every liquidated dollar — came from long positions. In plain words, leveraged buyers absorbed nearly all of the damage.

Who is selling on-chain?

Lookonchain reported that an Ethereum Foundation-linked wallet sold 1,000 ETH, worth approximately $2.13 million, on November 10. The sale ended a two-week pause in activity from the address; Ethereum has fallen 7.7% since the wallet's previous reported transaction.

The report identified the address as Foundation-linked but did not establish who controlled the latest transfer. Nor does the available data show whether the sale moved Ethereum's price. Two caveats worth holding onto: attribution on-chain is probabilistic, and a $2.13 million sale is small against daily ETF flows.

Santiment, meanwhile, recorded more than 630 daily stETH transactions of at least $100,000 over the preceding four days — the highest sustained level since April. The analytics firm linked the activity to borrowing against staked Ether as collateral and flagged $2,100 as a level to watch. Elevated whale traffic can signal accumulation or deleveraging; the data alone does not say which.

What is BitMine buying?

BitMine Immersion Technologies announced on November 9 that it purchased another 9,587 ETH during the prior week, lifting total holdings to 6,070,092 tokens — roughly 4.97% of Ethereum's estimated 122.2 million circulating supply. The company has staked 5,227,037 ETH, about 86% of its position.

BitMine estimated potential annualized staking rewards of $359 million on a fully staked position, using a trailing seven-day yield of 2.65%. That figure is a projection, not revenue; yields fall as more Ether is staked. The firm's combined crypto holdings, cash, marketable securities and other investments stood at approximately $14.3 billion.

Chairman Tom Lee defended the strategy in a public post. "To me, the languishing of $ETH price, while disappointing, is arguably more a reflection of the impatience of markets," Lee wrote, citing Ethereum's role in tokenization and comments by Vitalik Buterin describing ETH as a store of value. A chairman talking his book is expected; it is not evidence the thesis is working yet.

Where are the technical levels?

On the daily chart, Ethereum trades below the 20-day Bollinger Band middle line at $2,279.42, with lower highs and lower lows. Immediate support sits at the lower band of $2,110.59, followed by the prior swing low of $2,081.50 and then $2,000. Resistance begins at $2,200, with the middle band at $2,279.42 and the upper band at $2,448.25.

The Relative Strength Index reads 33.23, below its signal average of 36.28 and approaching the conventional oversold threshold of 30. Weak momentum alone does not force a reversal.

The next catalyst arrives almost immediately: the Bureau of Labor Statistics publishes October Consumer Price Index data on November 10 at 8:30 a.m. Eastern Time, and analysts including More Crypto Online expect added volatility around the release. How Ethereum behaves near $2,110 support after the CPI print will test whether BitMine's accumulation reflects conviction or early positioning.