**Ethereum Price Drops 30% as ETF Outflows and Liquidations Shake the Market**
The asset’s decline of nearly 30% from its yearly peak has put traders on alert. However, accumulating whales and on-chain signals suggest potential recovery zones forming ahead.
**Major ETH ETF Outflows Add Selling Pressure**
Over the past four active ETF days, all nine ETH ETFs have reportedly been responsible for notable capital outflows, heavily weighing on market sentiment. According to Farside, from October 29th to November 3rd, Ethereum ETFs collectively saw continuous withdrawals. The most recent single-day outflow was $135.7 million recorded on November 3rd, where BlackRock alone sold $81.7 million worth of ETH. This move amplified selling pressure across institutional desks.
This institutional retreat has coincided with broader crypto market turbulence, leading to $1.33 billion in total liquidations within a single day. Ethereum alone accounted for $324.96 million of those liquidations — a figure that underscores the market’s fragile state.
As a result, ETH price today trades around $3,510, down nearly 2.6% intraday. On the Ethereum price chart, this pullback confirms a technical bear market, with prices now nearly 30% below the 2025 peak of $4,955. Despite this weakness, certain long-term investors appear to be taking advantage of the downturn to accumulate.
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**BitMine’s Accumulation Highlights Long-Term Optimism**
Even as market conditions worsen, large institutional holders have shown confidence in Ethereum’s long-term fundamentals. BitMine, a major ETH holder, has reportedly added $300 million worth of 82,353 ETH to its reserves, raising its total Ethereum holdings to approximately $11.11 billion with 3.16 million ETH in total.
This accumulation pattern provides a key contrast to recent ETF outflows, suggesting that while some investors are derisking, others view the current ETH price in USD as a discounted accumulation opportunity. Such activity often reflects strategic positioning for future cycles, particularly if Ethereum continues to expand its role in staking, DeFi, and tokenization.
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**Technical Outlook and Support Levels**
Technically, Ethereum’s nearest support lies around the $3,300-$3,350 zone. A successful defense of this level could form the base for a reversal, potentially enabling a retest of the $4,955 yearly high if momentum strengthens in November. However, failure to hold support could extend the slide toward $2,890, marking deeper retracement levels.
When certain key metrics fall below -10%, ETH price forecasts suggest accumulation opportunities, often preceding short-term recoveries. Whale accumulation and retail capitulation remain crucial for triggering the next leg higher. Historical patterns reveal that when retail traders panic-sell and whales accumulate, it often sets the stage for a strong rebound.
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**Outlook**
While short-term volatility persists, the combination of technical support, institutional accumulation, and favorable on-chain metrics keeps optimism alive for a potential rebound in ETH price in the near term.
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**Also Read:**
[Crypto Market Meltdown: Over $90 Billion Wiped Out in an Hour as Panic Selling Intensifies — What’s Next?](#)
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**FAQs**
– What caused the recent ETH price drop?
The price drop was largely driven by ETF outflows, significant liquidations, and broader market sell-offs.
– Is this a buying opportunity for Ethereum?
Many large holders, such as BitMine, are accumulating ETH, viewing current prices as discounted entry points.
– What are key support levels to watch?
The $3,300-$3,350 range is critical; failure to hold could lead prices down to near $2,890.
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Publicly traded BitMine Immersion increased its Ethereum reserves amid the market dip, signaling institutional confidence in Ethereum’s long-term value proposition.
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