The bigger picture is less forgiving. $ETH has fallen about 16% in November alone and roughly 32% year-to-date as of this month.
Leverage made the slide sharper. Liquidations exceeded $250 million recently, as traders betting on higher prices were forcibly closed out when their collateral ran thin.
Blame the inflation print
The trigger arrived a day earlier. A hot CPI inflation report published on November 11 raised the chances of a Federal Reserve rate hike to above 90%.
The result was a broad risk-off move across markets. Crypto, which tends to trade like the high-beta cousin of tech stocks during macro scares, absorbed its share of the hit.
The ETF exodus
US spot $ETH ETFs posted net outflows over 23 consecutive trading days through late October. More than $1.61 billion left the funds in October alone.
Network data adds to the gloom. Ethereum’s active addresses have hit multi-month lows, a sign that fewer wallets are actually using the chain.
The whales are buying, at least one of them
Not everyone ran for the exits. An on-chain address known as “7 Siblings” purchased over 10,700 $ETH during the dip, a position worth approximately $22 million.
The wallet’s average entry price sat near $2,038. That’s very close to where $ETH eventually settled, so the buyer is roughly flat on the trade for now.
What this means for $ETH holders
The immediate question is whether $2,000 holds. If it fails, the next support zone sits around $1,800 to $1,970.
With rate hike odds above 90%, any further hot data could extend the risk-off mood.
Watch the ETF flow data closely. A reversal from outflows to inflows would be the clearest signal that institutional appetite is returning, and that would matter more than any single whale purchase.
For now, deep-pocketed buyers are nibbling at the dip, while fund investors are heading for the door and the macro environment is pushing risk appetite lower. Ethereum reclaimed $2,000 this time; the market will spend the coming weeks finding out whether that recovery has real support behind it.