Ethereum ETF Outflows Contrast With Large Wallet Accumulation

ETF outflows meet concentrated whale buying

Ethereum has delivered conflicting signals from two groups of market participants. US-listed spot Ethereum exchange-traded funds recorded another week of net outflows, while three large wallets added a combined total of about 35,350 ETH, according to the source’s cited on-chain trackers. The buying has not erased the wider weakness: ETH was reported down 13.98% over the past month, and its price was below $2,200.

The fund withdrawals are part of a sustained run rather than a single-week event. The ETFs lost $365.3 million in the latest reported week, marking their sixth consecutive week of outflows. The streak began with the week ending October 2. Across the six weeks, the funds shed about $2 billion, according to SoSoValue data cited in the report, indicating that recent demand through these products has not matched the earlier inflows.

Cumulative net inflows to the spot Ethereum ETFs have consequently fallen to $11.92 billion, down from a peak of $15.09 billion in October 2025. Those figures still leave the funds with substantial net inflows overall, but they show how quickly the recent withdrawals have reduced that total. The flows and ETH’s declining price occurred together; the source does not establish that ETF selling alone caused the market decline.

How the large wallets built their positions

The reported wallet activity came through several distinct transactions, not one coordinated purchase. On November 9, wallet 0xFD10 borrowed 22 million USDT from Aave and then spent $21.55 million to buy 10,000 ETH at $2,155, according to Lookonchain data. This transaction is notable both for its size and for its financing: the purchase involved borrowed stablecoins rather than only funds already held by the wallet.

Another account, the newly created wallet 0x4AB7, withdrew 3,500 ETH from Binance on November 9, bringing its reported weekly withdrawals to 16,577 ETH. Analyst EmberCN estimated an average cost of about $2,304 for the first 9,777 ETH it withdrew. That estimate does not describe every coin in the wallet, and a withdrawal from an exchange, by itself, does not establish whether the assets were bought there or what the holder intends to do.

A third cited transaction took place two days before the November 9 activity: wallet 0x32c6 spent 19.7 million USDT to acquire 8,773.5 ETH at about $2,245. The reported purchases and withdrawals therefore span different wallets and entry prices. Together, the source says three large wallets added roughly 35,350 ETH, but it offers no evidence that these accounts acted together or that their accumulation will continue.

Exchange balances fall, but ETF demand remains weak

The wallet activity sits alongside a broader decline in ETH held on exchanges. CryptoQuant data cited in the report put exchange reserves at 14.62 million ETH, compared with about 16.9 million in early January. Lower reserves can mean less ETH is immediately available to sell on exchanges, which is one reason the decline may be viewed as a supportive supply signal. It does not, on its own, establish that market-wide selling pressure has ended.

The report also describes a large corporate holding: BitMine said in a release that it held 6,060,506 ETH as of November 1, close to its stated goal of owning 5% of the supply. This adds another example of substantial ETH accumulation, but it is distinct from the three wallets tracked in the individual transactions. The source does not say that BitMine’s holdings were bought during the same week as the reported wallet activity.

Exchange balances and ETF flows describe different parts of the market, so their opposing directions should not be treated as a simple verdict. Coins leaving exchanges may reduce readily available sell-side inventory, while ETF outflows show net withdrawals from those investment products. The source also cautions that ETH posted as loan collateral can return to the market through liquidation. The reserve decline therefore does not remove the risks attached to leveraged or borrowed positions.

Price levels put whale entries under pressure

ETH was reported at $2,140.08, down 4.25% over the previous 24 hours, and had closed below $2,200 on November 8. BeInCrypto’s November 5 analysis had identified a rising trend line near that level, which it said had guided price action since the late-June low. The subsequent close below the line met that analysis’s condition for a rising-wedge breakdown; this is a chart interpretation, not a confirmed outcome for future prices.

The same technical analysis identified $1,754, corresponding to the 0.786 Fibonacci level, as a potential downside target if the breakdown extends. That was about 18% below the quoted price of $2,140.08. Analyst Daan Crypto Trades separately identified $2,100 as an important high-timeframe level. These are levels highlighted by the cited analysts, not assurances that ETH will reach them or that they will hold.

The mismatch between entry prices and the current quote makes the borrowed purchase especially relevant: the reported whale entries range from $2,155 to about $2,304, all above $2,140.08. A further fall toward $1,754 would deepen the paper losses and could increase pressure on the position financed through Aave, although the source gives no liquidation threshold. On the upside, it says ETH would need to reclaim $2,200, then close a day above $2,439 to put $2,500 back in play. Whether ETF inflows return remains unresolved.

Source: BeInCrypto