Ethereum Selling Pressure Intensifies: $399 Million in Outflows

A modest recovery emerged during the final trading session of the week. On Friday, November 13, Fidelity's FETH attracted $11.6 million in inflows, while Grayscale's ETH fund recorded withdrawals of $9.3 million. Consequently, aggregate daily flows turned positive by $2.3 million, ending a six-trading-day streak of net outflows. Nevertheless, the single day of positive flows was insufficient to offset the substantial withdrawals recorded earlier in the week.

Ethereum ETFs had also ended the previous week with $365.2 million in net outflows. Combined losses over the two-week period exceeded $764 million, suggesting that institutional investors' appetite for risk remained subdued.

Wallets Linked to Ethereum Foundation Record Additional ETH Sales

Large transactions recorded on the blockchain added another dimension to the selling pressure accompanying ETF withdrawals. Blockchain analytics platform Lookonchain reported on November 13 that a wallet believed to be associated with the Ethereum Foundation had sold 2,000 ETH worth approximately $3.87 million. The platform indicated that cumulative sales associated with the same wallet had reached 6,785 ETH since October 26.

Additional data released on November 14 pointed to another sale of 1,000 ETH through the address. Following the transaction, valued at approximately $1.9 million, cumulative sales conducted through the wallet since October 26 increased to 7,785 ETH. Although the transactions were identified in addresses reportedly associated with the foundation, the activity does not necessarily represent a direct assessment of market conditions or an indication of future price expectations.

The scale of these transactions remained relatively limited compared with the capital withdrawn from Ethereum ETFs. However, their timing attracted investors' attention because the sales occurred during a period of declining prices. Large wallet movements have become an important indicator for market participants attempting to assess whether additional selling pressure could emerge.

Ethereum Staking Rises as New Price Risks Emerge

Despite Ethereum's weakening price performance, staking data presents a different picture of network activity. According to CryptoKeyhole, approximately 36.3% of Ethereum's circulating supply is currently staked by active validators. The increasing amount of ETH committed to securing the network suggests that some participants continue to maintain their exposure to Ethereum regardless of short-term price fluctuations.

Nevertheless, a high staking ratio does not automatically indicate that prices will rise. ETF withdrawals, sales by large wallet holders, and liquidations involving leveraged positions continue to influence short-term market movements. Ethereum's decline below $1,900 on November 14, bringing its price closer to the $1,800 level, has raised further questions about the strength of buying demand.

According to a CoinDesk analysis published on November 14, negative gamma positioning in the options market could also intensify Ethereum's volatility. When market makers hedge their exposure by selling as prices fall and buying as prices rise, existing price movements can become more pronounced. Whether ETH can maintain support around $1,800 remains one of the key indicators to monitor in the near term. A recovery above $1,900, meanwhile, could be interpreted as an initial sign of improving market momentum.