ETH fell to $2,132: Hyperliquid trader lost $19.86 million

The price of Ethereum (ETH) on November 9, 2026, fell to a multi-month low of around $2,070 amid a decline in the cryptocurrency market. At the time of publication, the asset's value had partially recovered, standing slightly above $2,100, remaining more than 5% below the previous day's level. According to the publication's estimate, ETH lost about 15% over five days.

The sharp decline was accompanied by liquidations of large positions in the cryptocurrency derivatives market. Blockchain analysts recorded both losses for traders who were betting on Ethereum's rise and new purchases by certain large holders.

ETH decline led to major liquidations

In early November, ETH rose to about $2,450, but subsequently resumed its decline. Initially, the price returned to the $2,200 level, which previously served as technical support, and on November 9, it fell below $2,100.

According to CoinGlass, the largest single liquidation during the period occurred on the Binance exchange for the ETH/USDT pair. The volume of the forcibly closed long position amounted to $48.16 million.

Liquidation occurs when the collateral value of a leveraged position becomes insufficient to maintain it. The exchange forcibly closes such a position to limit further debt growth.

Hyperliquid trader incurred losses of $19.86 million

The analytical platform Onchain Lens reported losses for a Hyperliquid participant trading ETH through two accounts.

On the first account, a long position was forcibly liquidated with a loss of $11.89 million. On the second, the trader independently closed the position, incurring additional losses of $7.97 million.

The total loss from the two operations reached $19.86 million. At the same time, the trader's negative result over the past 30 days amounted to $33.34 million, and for the entire trading history on the two accounts – $44.78 million.

These amounts characterize different periods and operations. The overall negative financial result cannot be equated to the size of a single liquidated position.

Large wallets buy ETH amid price decline

Despite the liquidations, certain large market participants continued to acquire Ethereum.

According to Lookonchain, on November 9, the wallet 0xFD10 borrowed 22 million USDT in the Aave lending protocol. The address owner then spent $21.55 million to purchase 10,000 ETH at an average price of $2,155.

Although the purchase was made directly on the token market, it was financed with borrowed funds. Therefore, such a position is also subject to risks associated with changes in the collateral value.

On the same day, the wallet 0x4AB7 withdrew another 3,500 ETH worth about $7.53 million from Binance. Over the previous seven days, the total withdrawal volume to this address reached 16,577 ETH, or approximately $37.5 million.

However, the withdrawal of tokens from the exchange does not confirm that they were all acquired immediately before the transfer.

Thus, the fall in ETH was accompanied by both the closing of large leveraged positions and operations by individual buyers. However, this data does not allow for determining the further price direction or drawing conclusions about the prevailing sentiments of all major Ethereum holders.