Ether falls below 200-day average as ETFs lose $365 million

Ether traded at $2,122.91 at 18:07 UTC on Nov. 9, down 4.7% over 24 hours, according to CoinGecko data. The price was $32.07 below its 200-day moving average of $2,154.98. Ether closed below the average on Nov. 8 at $2,127.46, marking its first such close since a series of closes from Aug. 15 to Aug. 18.

Ether also remained below its 50-week average for a fifth consecutive session. That average stood at $2,316.11 on Nov. 9, leaving ether 8.2% below the level. The token was down 54.6% from its October 2025 closing price of $4,684.01.

Ether weakened against bitcoin. At $2,122.91 for ether and $74,713 for bitcoin, the ETH/BTC ratio was about 0.0284, down from 0.0295 on Nov. 8.

U.S. spot ether ETFs recorded net outflows of $139.7 million on Nov. 2, $85.3 million on Nov. 3, $99.9 million on Nov. 5 and $93.3 million on Nov. 6, according to Farside Investors. The funds recorded a $53 million inflow on Nov. 4, their only positive session during the five-session period.

BlackRock’s iShares Ethereum Trust, which trades under the ETHA ticker, accounted for $138.3 million of the Nov. 2 outflow and $90.8 million of the Nov. 6 outflow. The funds also recorded net outflows of $91.3 million from Oct. 21 to Oct. 23 and $431.4 million from Oct. 26 to Oct. 30. Their cumulative net inflows since launch reached $11.95 billion.

The decline coincided with the liquidation of leveraged crypto positions. CoinGlass reported $1.20 billion in liquidations over 24 hours at 18:10 UTC on Nov. 9, including $1.04 billion in long positions and $159.98 million in short positions. A total of 165,574 traders were liquidated. Binance accounted for 48.2% of the total, and the largest single liquidation was a $48.16 million ether long position on the exchange at $2,095.50.

Bitmine Immersion Technologies continued buying ether during the decline. The company reported holding 6,070,092 ETH as of 2 p.m. ET on Nov. 8 after purchasing 9,587 ETH during the previous week. The holdings represented 4.97% of the estimated 122.2 million ETH supply.

“Over the past week, we acquired 9,587 ETH,” Bitmine Chairman Thomas Lee wrote in a statement. “Bitmine has bought ETH each week since the inception of the ETH Treasury Strategy on June 30, 2025.”

Bitmine reported that 5,227,037 ETH, or 86% of its holdings, were staked. The company projects annualized staking rewards of $359 million once its full position is staked, compared with $309 million at current levels. The figures are projections, not realized revenue.

The company has said it intends to stop accumulating ether when its holdings reach 5% of the total supply. Based on a supply of 122.2 million ETH, Bitmine was about 40,000 ETH below that level.

Ether’s intraday low of $2,060 on Nov. 8 is the next lower reference level. A close above $2,154.98 would put ether above its 200-day average, while a recovery to $2,316.11 would put it above its 50-week average.

Reviewed and fact-checked by Alex Panasenko on November 10.