Ethereum (ETH) Spot ETFs Shed $365 Million in Outflows Over One Week

ETF Drain Meets $42 Million of On-Chain Buying

US spot Ethereum (ETH) funds bled more than $365 million in net outflows over the past week, while two large on-chain wallets moved against the drain with more than $42 million in purchases and exchange withdrawals. Ethereum (ETH) price trades near $2,129 at the time of writing, down 4.9% on the day, which leaves the coin roughly 5% below the level at which this week's largest whale purchase printed. On-chain data shows a single whale wallet acquired 8,773.5 ETH at an average price of $2,245 per coin on 2026-11-07, a line item worth about $19.7 million. The same wallet bought 10,376 ETH at an average of $1,626 in June, and its cumulative holdings now stand at 23,095 ETH, a position profile that has grown into a private Ethereum treasury built across two drawdowns. The new buy printed with the June tranche up roughly 38% at the recorded average. A second wallet, newly created, pulled 9,777 Ethereum (ETH) worth about $22.5 million out of Binance over the past week. The withdrawal is visible in the on-chain record; the entry price and purchase date of that stack are not disclosed. Taken together, the two addresses absorbed more than $42 million in ether while the regulated fund channel redeemed. That split is the core tension of the tape: ETF investors, who hold exposure through brokerage accounts, headed for the exits as the coin slid, while wallets with no public identity accumulated straight into self-custody, removing coins from the exchange float where they can be sold at a moment's notice. Coins that leave exchange custody tend to reappear in longer-horizon uses, from cold storage to staking deployment, a route our practical guide on how and where to stake Ethereum walks through in detail. The wider Ethereum market now carries both flows at once, fund redemptions against wallets that bought what the funds sold.

Half the Weekly Total Left in Two Days

The outflow was not evenly spread. More than half of the weekly total, $193.2 million, left US spot Ethereum (ETH) ETFs in the last two sessions of the week, a concentration that lines up with the coin's sharpest slide: on 2026-11-05, Ethereum, the largest proof-of-stake network, shed nearly 10% in a single session after a brief rebound failed. Market analyst Ali Martinez framed the damage in levels. In his reading, the loss of $2,385 support set sellers free, and he put $1,963 as the next downside target if selling pressure builds. Before the break, the $2,200 to $2,220 band served as near-term support, the same zone we covered when Ethereum's $2,220 support defense still held ahead of the US CPI print; spot now sits below that band at $2,129. On the upside, Martinez's map calls for a move through $2,300 to open a retest of $2,400 to $2,450. The whale prints give that level map a second axis. The newest 8,773.5 ETH tranche printed at $2,245, inside the very band that failed, and it is already underwater at the current $2,129. The June entry at $1,626 marks where this holder last added during a drawdown and stays well below every downside target in play. Nothing in the on-chain record for either address shows a deposit back toward an exchange in the period covered. The Binance movement is one-way: 9,777 ETH out, nothing returned. That asymmetry, accumulation without confirmed distribution, is what separates this week's buying from routine exchange rotation. Whether the split holds now turns on price, on whether the market defends the next shelf or slides toward the $1,963 mark on the board.

The composite scoring we publish in our Ethereum technical analysis puts the strongest support under the market at $2,013, a shelf that gathers the Fibonacci 0.786 retracement with a round-number level and scored 73 out of 100. The ceiling that matters is $2,318.69, where the EMA 20, the EMA 200 and the Fibonacci 0.5 retracement stack; a clean move through it is the condition that would revive the $2,300 breakout scenario. Positioning does not lean toward an easy bounce: perp funding prints at -0.0072%, and the long/short account ratio reads 4.08, with 80.3% of accounts long. RSI reads 33.35, close to oversold without printing it.