Ether Falls Over 8% to Near $2,220 as ETF Outflows and Liquidations Mount
Ether dropped more than 8% over 24 hours to roughly $2,220 on November 6, lagging Bitcoin's 6.1% decline. U.S. spot Ether ETFs posted net withdrawals on November 5, and leveraged traders absorbed heavy forced liquidations.
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Price Action and Broader Selloff
Ether fell roughly 8.3% over the 24 hours to November 6, trading near $2,220 according to crypto.news market data, while The Defiant reported a slightly steeper 8.5% decline to the same level. Bitcoin dropped 6.1% to nearly $75,500 over the same period, so Ether underperformed the largest asset. The move erased the gains Ether recorded after the November 3 U.S. midterm elections and failed to hold a recovery attempt near $2,450.
The decline coincided with weakness in U.S. technology equities. The Nasdaq posted heavy losses on November 5, with semiconductor and technology shares leading the drop, and crypto-linked stocks fell in step. Crypto.news attributed the pressure to concerns over higher borrowing costs and the returns expected from artificial intelligence infrastructure spending.
ETF Flows Turn Negative
U.S. spot Ether ETFs returned to net withdrawals on November 5. The Defiant put the outflow at $99.9 million, reversing a $53 million inflow the prior day. Crypto.news, citing SoSoValue data, reported nearly $100 million in net outflows, a figure consistent with The Defiant's number.
BlackRock's ETHA accounted for $75.2 million of the withdrawals, with a further $22 million from its ETHB fund. Fidelity's FETH lost $2.2 million and Grayscale's ETHE roughly $500,000. The November 5 outflow followed net withdrawals of $139.7 million on November 2 and $85.3 million on November 3, indicating a multi-day pattern rather than a single redemption event.
Leverage and Liquidations
CoinGlass data showed Ether recorded more than $210 million in liquidations over 24 hours, of which $179 million were long positions. Liquidations across the broader market exceeded $1 billion. Forced liquidations occur when collateral no longer covers a leveraged position, so the skew toward longs shows traders betting on higher prices bore most of the forced closures.
CryptoQuant data indicates derivatives exposure had already contracted. Open interest across tracked exchanges fell to about $11.4 billion by November 6, down from nearly $16 billion in late September. Open interest does not identify whether positions are long or short, so the decline alone does not show which side is exiting, though falling prices alongside lower open interest can reflect position closures.
Sentiment and Exchange Balances
The Crypto Fear & Greed Index fell to 28 on November 6, from 50 the previous day, placing sentiment in the fear range. The index read 30 a week earlier and 71 a month earlier.
On-chain, CryptoQuant data shows centralized exchange Ether balances declining from more than 21 million ETH in early 2025 to approximately 14.6 million ETH on November 6. Lower exchange balances mean fewer tokens sit in exchange-classified wallets, though the reduction can reflect staking, private custody, or other transfers rather than selling.
Why It Matters
For Traders
Ether's $179 million in long liquidations and ETF outflows suggest leveraged long exposure remains a near-term risk if prices fail to hold the $2,200 area.
For Investors
Three consecutive days of spot Ether ETF withdrawals signal waning institutional demand, which may matter more to multi-month positioning than a single day's price move.
For Builders
Shrinking open interest and exchange balances reduce on-chain and derivatives liquidity, so protocols relying on Ether collateral should review liquidation thresholds.
This article is for information only and is not financial advice. Read the full disclaimer.
