Ethereum (ETH) has dropped 13.98% over the past month, and big investors are reacting in opposite ways. US spot Ethereum exchange-traded funds (ETFs) keep posting outflows, while a few whales are adding coins.
The funds lost $365.3 million last week, their sixth straight week of outflows. Meanwhile, three large wallets added about 35,350 ETH, according to on-chain trackers.
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Borrowed Dollars and Binance Withdrawals Drive the Whale Bets
The largest of those purchases came on November 9, when wallet 0xFD10 borrowed 22 million Tether (USDT) from Aave. It then spent $21.55 million buying 10,000 ETH at $2,155, Lookonchain data shows.
The same day, new wallet 0x4AB7 withdrew 3,500 ETH from Binance, lifting its weekly total to 16,577 ETH. Analyst EmberCN put its average cost at about $2,304 on the first 9,777 ETH it withdrew.
Two days earlier, wallet 0x32c6 spent 19.7 million USDT on 8,773.5 ETH at about $2,245.
BitMine has kept buying too, reaching 6,060,506 ETH as of November 1, close to its 5% supply goal, per its release.
Coins are also leaving exchanges more broadly. CryptoQuant data shows exchange reserves at 14.62 million ETH, down from about 16.9 million in early January.
Lower exchange balances can mean less supply ready for sale. However, coins posted as loan collateral can still return to the market through liquidations.
On the other side, US-listed funds keep selling.
ETF Investors Head for the Exit
The streak began with the week ending October 2. Spot Ethereum ETFs have shed about $2 billion across those six weeks, according to SoSoValue data.
That has cut cumulative net inflows to $11.92 billion, down from a $15.09 billion peak in October 2025.
The outflows have lined up with ETH’s slide through a key support level.
Ethereum’s $2,200 Breakdown Puts Whale Entries Under Pressure
The Ethereum price stands at $2,140.08 on BeInCrypto Markets, down 4.25% in the past 24 hours.
ETH closed below $2,200 on November 8. A rising trend line there had guided the price since its late-June low, according to BeInCrypto’s November 5 analysis.
That close meets the analysis’s condition for a rising wedge breakdown. The pattern now points to $1,754, the 0.786 Fibonacci level, about 18% below the current price.
Analyst Daan Crypto Trades has also named $2,100 as a high-timeframe level that matters.
The latest whale entries, between $2,155 and $2,304, all sit above the current price. If the breakdown extends toward $1,754, those losses would deepen and pressure the borrowed position.
On the upside, ETH would first need to reclaim $2,200. A daily close above $2,439, the 0.618 Fibonacci retracement, would then put $2,500 back in play.
Until ETF inflows return, the whales are defending a level Wall Street has yet to back.
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