Ether falls below $2,000 as yields rise and funds see outflows
Ether fell below $2,000 for the first time since Aug. 19 as U.S. spot ether funds recorded six sessions of outflows and the 10-year Treasury yield reached 5.15%.
Ether was quoted at $1,901.11 at 05:29 UTC on Nov. 14, down 1.17% over 24 hours and 21.48% over 30 days. The token was 43.3% below its Jan. 15 high of $3,351.82. Its last daily close above $2,000 was $2,017.35 on Nov. 13.
U.S. spot ether funds recorded outflows in each session from Nov. 5 through Nov. 12, totaling $594.4 million, according to Farside Investors. The funds recorded a $2.3 million inflow on Nov. 13, ending the six-session outflow streak.
Spot bitcoin funds recorded outflows in each session from Nov. 9 through Nov. 13, totaling $1.0653 billion. Bitcoin funds have not posted a positive session since Nov. 4, when they received $74.6 million. Since launch, ether funds have recorded $11.552 billion in net creations, compared with $54.701 billion for bitcoin funds.
Treasury yields also rose during the period. The two-year yield increased from 4.56% on Nov. 9 to 4.88% on Nov. 13. The 10-year yield rose from 4.88% to 5.15%, while the 30-year yield increased from 5.26% to 5.47%. The figures show that yields rose while crypto prices fell, but they do not establish that higher yields caused ether’s decline.
The Federal Open Market Committee’s Oct. 28 statement kept the federal funds target range at 3.75% to 4%. Lisa Cook and Beth Hammack dissented, favoring a quarter-point rate increase. The statement did not mention digital assets.
Ether declined 15.04% over seven days, compared with an 11.51% decline for bitcoin. Over 30 days, ether fell 21.48%, while bitcoin dropped 17.83%. Solana declined 27.45% and XRP fell 25.14% over the same period.
The ETH/BTC ratio stood at 0.02833 on Nov. 14, down 4.47% from 0.02965 on Oct. 15. It reached 0.02781 on Nov. 11. The 365-day low was 0.02578 on June 7. Ether fell less than bitcoin on Nov. 14, with declines of 1.17% and 2.34%, respectively.
Ether’s 200-day average was $2,147.31, 12.95% above its Nov. 14 quote. A daily close below $1,874.40 would extend the decline into the August range. A 10-year Treasury yield below 5% would remove the rate pressure reflected in the data.
The next flow figures and Treasury yield data are scheduled for Nov. 16.
Reviewed and fact-checked by Alex Panasenko on November 14.
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