Ethereum Drops Over 8% Amid Sell-Off and ETF Outflows

Ether (ETH) on November 6, 2026, fell by approximately 8.3% over 24 hours, dropping to $2,220. The decline occurred amid a massive sell-off in U.S. tech stocks, closure of leveraged positions, and renewed capital outflows from spot Ether ETFs.

Earlier, ETH attempted to recover to $2,450 but failed to maintain the achieved levels. Simultaneously, Bitcoin lost about 6%, dropping to approximately $75,500.

On the U.S. stock market on November 5, the Nasdaq Composite index decreased by approximately 5.5%. Tech companies, including those involved in AI infrastructure development, were under pressure.

Market participants assessed the risks of rising data center costs, financing costs, and potential declines in returns on large-scale AI investments. The stock sell-off coincided with a decline in the value of major cryptocurrencies.

Amid the decline, market sentiment indicators worsened. The cryptocurrency market's fear and greed index fell to 28 points on November 6 from 50 the day before, moving from the neutral zone into the fear category.

ETH liquidations reached $210 million

According to CoinGlass, over 24 hours, the volume of liquidated Ether positions exceeded $210 million. Of this, about $179 million were long positions by traders betting on a price increase.

Forced liquidations occur when the collateral for a leveraged position becomes insufficient to cover losses. During periods of sharp price declines, closing such positions can increase market pressure.

The total volume of liquidations in the cryptocurrency market during the same period exceeded $1 billion.

Simultaneously, the open interest in Ether derivatives continued to decline. According to CryptoQuant data from tracked platforms, the figure dropped to approximately $11.4 billion from nearly $16 billion at the end of September.

This indicates a decrease in the value of outstanding contracts in the corresponding sample. However, open interest does not indicate whether buyers or sellers dominate the market.

An additional factor was the renewed capital outflow from U.S. spot ETH ETFs. According to SoSoValue, on November 5, the funds recorded a net outflow of about $99.97 million following an inflow of $53 million the previous day.

The largest losses were in BlackRock products: $75.2 million was withdrawn from ETHA, and about $22 million from ETHB. Fidelity's FETH and Grayscale's ETHE funds also ended the session with small net outflows.

Meanwhile, Ether balances on centralized exchanges continued to decline. According to CryptoQuant estimates, they decreased from over 21 million ETH at the beginning of 2025 to approximately 14.6 million ETH on November 6, 2026.

The reduction in exchange reserves may reflect the transfer of assets to staking or self-custody. By itself, it does not confirm an increase in buying demand.

From a technical perspective, analysts highlight the $2,200 area as the nearest support level for ETH. The Relative Strength Index (RSI) was around 38.65 points, indicating weak short-term dynamics but not signaling oversold conditions by the conventional threshold of 30.

In case of further decline, analysts consider the $2,100 and $2,000 areas as the next possible targets. If the price recovers, attention may shift to the $2,350 and $2,450 levels.

The further dynamics of Ether will depend on the overall situation in financial markets, the activity of participants in derivative trading, and new data on capital flows into ETH ETFs.