$365 Million Withdrawn from Ethereum ETFs in a Week Amid Large ETH Transactions

American spot exchange-traded funds (ETFs) on Ethereum recorded a net capital outflow of $365.3 million for the week of November 2–6, 2026. According to SoSoValue, this marks the sixth consecutive week of negative cash flows. Simultaneously, blockchain analysts reported large purchases and transfers of ETH, with a total volume of about 35,350 coins.

Over the past month, the price of ether (ETH) has decreased by 13.98%. Meanwhile, the behavior of certain large holders differs from the overall dynamics of capital flows into American funds.

Outflow from Ethereum ETFs Continues for Sixth Week

The series of negative weekly flows began with the period ending October 2. Over six weeks, investors withdrew about $2 billion from American spot ETFs on Ethereum, according to SoSoValue data.

As a result, the accumulated net capital inflow into these funds since their launch has decreased to $11.92 billion. For comparison, in October 2025, the figure reached a peak of about $15.09 billion.

However, negative cash flows do not mean a cessation of ETF share trading. The statistics reflect the change in capital attracted by the funds, not the total volume of transactions on the secondary market.

Large ETH Holders Make Purchases and Withdraw Coins from Exchanges

On November 9, the analytical platform Lookonchain reported a purchase of 10,000 ETH by wallet 0xFD10. For the transaction, its owner first borrowed 22 million USDT in the Aave lending protocol, then spent $21.55 million to acquire ether at an average price of about $2,155.

On the same day, another wallet, 0x4AB7, withdrew 3,500 ETH from Binance. The total volume of transfers to this address for the week reached 16,577 ETH. Analyst EmberCN estimated the average purchase price of the first 9,777 ETH at approximately $2,304.

Additionally, on November 7, wallet 0x32c6 acquired about 8,775 ETH for 19.7 million USDT at an average price of $2,245.

Thus, three addresses were involved in transactions with approximately 35,350 ETH. However, the withdrawal of coins from the exchange does not allow determining whether they were acquired immediately before the transfer.

Large purchases also carry risks. In particular, the position formed through a loan on Aave depends on sufficient collateral and may be subject to liquidation if its value changes unfavorably.

Ethereum Exchange Reserves Continue to Decline

According to CryptoQuant, the volume of ETH on tracked cryptocurrency exchanges decreased from approximately 16.9 million coins at the beginning of January to 14.62 million.

The reduction in reserves may indicate a decrease in the amount of ETH available for immediate sale on exchanges. However, some of the withdrawn assets may be used in lending protocols or return to the market during liquidations.

Separately, BitMine Immersion Technologies reported that as of November 1, it owned 6,060,506 ETH. This volume corresponded to approximately 4.9% of the cryptocurrency supply and was approaching the company's announced goal of accumulating 5%.

At the time of publication by BeInCrypto on November 9, ether was trading around $2,140.08, having lost 4.25% over the day. The day before, ETH ended below $2,200, which in the publication's technical analysis is considered a weakening of short-term price dynamics.

Thus, the capital outflow from ETFs continues simultaneously with large transactions by individual wallets. However, the available data does not allow concluding which of these trends will have a decisive impact on the further value of ETH.