Ether traded at $2,122.91 at 18:07 UTC on Nov. 9, down 4.7% in 24 hours, according to CoinGecko price data. That price sits $32.07 below the 200-day moving average at $2,154.98, and it is the second straight session below that line on Binance ETH/USDT data. The previous closes below it came on Aug. 15 to Aug. 18, when ether was trading near $1,900.
The gap is small enough to look like noise. The rest of the ledger is not. Spot ether funds lost $365.2 million in the five sessions to Nov. 6, according to Farside Investors. Longs accounted for 86.7% of $1.20 billion in liquidations over 24 hours, CoinGlass reported at 18:10 UTC, with 165,574 traders closed out. The largest single order was a $48.16 million ETH long on Binance at $2,095.50.
Three measurements now point the same way: price below its long averages, fund flows negative, and leveraged positions closed out at a loss. Each one is separately observable. None of them proves the others caused it, and the flows in particular are a weekly accounting figure that cannot be timed to the hour of the drop.
Two Sessions Below the 200-Day Line
The chart above plots ether’s daily close against its 200-day average from Aug. 12 to Nov. 9. The line did not break in a single session. Ether peaked near $2,780 in late September, drifted lower through October, and only crossed the average on Nov. 8, a Sunday, when it closed at $2,127.46 against a then-200-day average of $2,156.00. Monday’s price of $2,125.32 at 18:00 UTC kept it underneath.
The longer average tells a harsher story. Ether closed 8.2% below its 50-week average of $2,316.11, and it has now closed beneath that line for five straight sessions. Measured from its October 2025 close of $4,684.01, the token is down 54.6%. Neither of those figures is new on Monday. What is new is that the shorter average, the one short-term traders watch for a trend change, finally gave way too.
The ratio against bitcoin moved with it. Ether at $2,122.91 against bitcoin at $74,713 works out to 0.0284, down from the 0.0295 that we recorded on Nov. 8 — a further 3.7% of relative loss in one session. Ether has now lost ground against bitcoin on both the day and the month.
The ETF Ledger: $365.2 Million in Five Sessions
Farside’s daily table for the U.S. spot ether funds runs like this: minus $139.7 million on Nov. 2, when BlackRock’s ETHA alone redeemed $138.3 million; minus $85.3 million on Nov. 3; plus $53.0 million on Nov. 4, the only green day; minus $99.9 million on Nov. 5; and minus $93.3 million on Nov. 6, with ETHA accounting for $90.8 million of that.
The two weeks before were also negative: minus $91.3 million across Oct. 21 to Oct. 23 and minus $431.4 million across Oct. 26 to Oct. 30. The cumulative net inflow into the funds since launch now stands at $11.95 billion, per Farside’s running total.
Scale matters here more than the headline number. A $365.2 million weekly redemption equals 0.14% of ether’s $259.4 billion market capitalisation. That is not a forced liquidation of the asset; it is the removal of a marginal buyer for five days in a row. The cumulative $11.95 billion of net inflows, meanwhile, equals 4.6% of the current market cap — the entire ETF complex, after two years, holds a position roughly the size of one bad month of price action.
Longs Paid for the Move
CoinGlass put 24-hour liquidations at $1.20 billion across all assets at 18:10 UTC, with longs at $1.04 billion and shorts at $159.98 million. Binance carried 48.2% of the total, and the single largest liquidation was an ETH long worth $48.16 million at $2,095.50, a level ether traded through on Sunday evening.
Converted at $2,123, the $1.04 billion of long liquidations is roughly 490,000 ETH of notional. For comparison, the largest corporate buyer of ether in the market added 9,587 ETH last week. The flush was about 51 times the size of that purchase.
The derivatives reading also explains why the move looked violent relative to the flow data. A $365 million week of fund redemptions is a slow bleed. A $1.04 billion long liquidation is a single-session event, and it lands on whatever support happens to be underneath.
The One Large Buyer Still Adding
Bitmine Immersion Technologies reported on Monday that it held 6,070,092 ETH as of 2 p.m. ET on Nov. 8, valued at a reference price of $2,234 per token, or 4.97% of the 122.2 million ETH supply. The company bought 9,587 ETH over the previous week, worth roughly $20.4 million at that reference price. Its combined crypto, cash and marketable securities stood at $14.3 billion, down from $14.5 billion a week earlier despite the purchase.
“Over the past week, we acquired 9,587 ETH,” chairman Thomas Lee said in the release. “Bitmine has bought ETH each week since the inception of the ETH Treasury Strategy on June 30, 2025.”
Lee also framed the purchase around a change in how ether is valued. “This declaration by the founder of Ethereum, in my view, is a seismic shift, clarifying how ETH will capture value in this coming supercycle of tokenization and AI,” he said, referring to Vitalik Buterin’s Nov. 8 argument that ether should be treated as a store of value rather than a fee-burning token — a thread we covered separately.
Of the 6.07 million tokens, 5,227,037 ETH, or 86%, are staked. Bitmine projects $359 million in annualised staking rewards once the position is fully staked, against $309 million at current levels, using a trailing seven-day yield of 2.65%. Those are company projections, not realised revenue.
The arithmetic of the target is the part worth checking. Five percent of 122.2 million ETH is 6.11 million tokens. Bitmine holds 6.07 million, so it is about 40,000 ETH short — roughly $85 million at Monday’s price. At last week’s pace, that is about four more weekly purchases before the strategy reaches the level Lee has said he will stop at.
That asymmetry is the most useful fact in the release. One buyer committing roughly $85 million of future demand is not a floor. It is a schedule, and it ends.
What Would Change the Read
Three levels carry information from here, each with its own basis rather than a round number.
The first is $2,060, the intraday low ether printed on Nov. 8 on Binance — the lowest price since August. A close below it would put the token below the entire August-to-November range and remove the last reference point from the current structure.
The second is $2,154.98, the 200-day average itself. Ether needs a 1.51% move from the current price to reclaim it. A daily close back above that line, ideally with a week of net ETF inflows behind it, would be the first evidence that the flow and the price are no longer moving together.
The third is $2,316.11, the 50-week average. Recovering it would require a 9.1% rally from $2,122.91 and would mark the first close above that line since early October.
What would not change the read: a single green day in the ETF table. One session of inflows inside three negative weeks is a data point, not a turn, and the same standard applies to a single liquidation day in the other direction.
Frequently Asked Questions
Why did ether fall below its 200-day moving average today?
Ether traded at $2,125.32 on Nov. 9 against a 200-day average of $2,154.98, the second straight session below the line and the first break since Aug. 15-18. The same 24 hours included $365.2 million of net outflows from U.S. spot ether funds in the week to Nov. 6 and $1.04 billion of long liquidations across the market, per CoinGlass. The data establishes the sequence, not a single cause.
How much money left ether ETFs last week?
The U.S. spot ether funds lost $365.2 million in the five sessions from Nov. 2 to Nov. 6, per Farside Investors. BlackRock’s ETHA accounted for $138.3 million of the Nov. 2 redemption and $90.8 million of the Nov. 6 redemption. The prior two weeks were also negative, at $91.3 million and $431.4 million.
Is Bitmine still buying ether?
Yes. Bitmine reported 6,070,092 ETH as of Nov. 8, after buying 9,587 ETH during the week. That is 4.97% of the 122.2 million ETH supply, and about 40,000 ETH short of the 5% level Lee has said the company will stop at.
What price levels matter after this move?
$2,060 is the Nov. 8 intraday low and the bottom of the August-to-November range. $2,154.98 is the 200-day average, 1.51% above Monday’s price. $2,316.11 is the 50-week average, 9.1% higher.
Data: CoinGecko, Farside Investors, CoinGlass.
This article is not intended as financial advice. Educational purposes only.
