Ethereum Whales Defend $2.8K as ETF Outflows Cool

Ethereum ETF flows showed a smaller net outflow on 19 November 2025, offering a brief pause after two weeks of heavy red totals across U.S. issuers. Fresh data from Farside Investors shows combined Ethereum ETFs recorded $37.4 million in net outflows yesterday, a lighter withdrawal compared with the steep losses seen earlier in the month.

Outflows Slow After Consecutive Heavy Red Days

The largest impact again came from Grayscale’s ETHE, which lost $15.7 million on the day. While still negative, the figure was notably smaller than its earlier mid-month withdrawals, where losses repeatedly exceeded $60 million. At the same time, overall activity across BlackRock, Fidelity, Bitwise, 21Shares, VanEck and Invesco remained muted, with most issuers showing zero new flows.

Ethereum ETF Daily Flows. Source: Farside Investors

Grayscale’s presence continued to dominate the daily picture. ETHE has accumulated $4.9 billion in total outflows since launch, shaping the broader market trend even when other issuers post neutral sessions. Yesterday’s pullback added mild pressure to the month’s cumulative flows.

Moreover, only one fund showed fresh inflows: Invesco’s EZET, which added $2.9 million. Although small, it provided the only positive reading across all U.S. products, offering a counterweight to Grayscale’s ongoing red stream.

November Totals Still Deep in Red

Across November, Ethereum ETFs have posted significant losses. The monthly tally now shows more than $465 million in cumulative net outflows. Daily red prints ranged from modest declines to steep withdrawals exceeding $170 million, highlighting sustained selling pressure through mid-month.

Despite yesterday’s lighter result, the broader trend remains negative. BlackRock’s ETHA and Fidelity’s FETH continue to show minimal participation, with their “pending” status keeping flow activity quiet. Meanwhile, trading volume remains concentrated in Grayscale’s converted trust, which continues to shape market direction through consistent red numbers.

However, the slight improvement on 19 November signals a potential stabilization phase. With only one major issuer showing material outflows and another posting modest inflows, the session marked a more balanced day compared with the larger capitulation seen earlier in the month.

Ethereum Retests Key On-Chain Support as Cohort Floors Converge

Ethereum tapped one of its most important on-chain support zones after slipping to $2,870 earlier today, before recovering alongside broader market strength. The rebound came after the price hit a realized-price cluster shared by both retail and whales, a level that has repeatedly aligned with Ethereum’s cycle lows.

ETH Realized Price by Balance Cohorts. Source: CryptoQuant / X

On-chain data from CryptoQuant shows that realized price levels for holders across the 1k–10k, 10k–100k and 100k+ ETH cohorts all sit near the $2.8K area. The black price line has now touched these cohort bands, replicating the structure seen during prior market bottoms in 2020, 2022 and mid-2024. The chart highlights how realized prices tend to form Ethereum’s strongest multi-cycle support zones.

This convergence indicates that most major holder groups are neither in deep profit nor loss at this level. Historically, Ethereum has stabilized or reversed when its market price returns to these bands. The current move shows ETH tapping the zone cleanly, similar to past cycle resets.

Retail Selling Intensifies as Large Holders Accumulate

A separate CryptoQuant chart shows a visible rotation between small and large holders. Balances held by wallets in the 1–100 ETH range continue to trend lower, while wallets holding 10k ETH and above are expanding their positions.

Ethereum Balance by Holder Value. Source: CryptoQuant

The divergence reflects a pattern seen around previous bottoms: retail supply decreases while larger holders use lower prices to add exposure. The long decline in retail balances stands out next to the sharp multi-month rise in the largest cohort’s holdings, marked clearly in the chart’s blue line.

Market-wide liquidation data confirms the shift. Long liquidations have remained low even during each new downside test, showing that the sell-off has not been driven by forced unwinding. Short positions, meanwhile, have increased across derivatives platforms, pointing to growing bearish positioning.

This combination—reduced long liquidations, increased short interest and rising whale balances—has often marked transition zones in earlier Ethereum cycles. The current structure mirrors those periods, with realized-price support aligning with broader on-chain behavior.