TL;DR
- Ethereum ETF outflows drastically decreased, marking a more balanced market session.
- Ethereum’s price rebounded after touching the $2.8K realized price zone, a historical low-cycle support.
- Large holders (whales) are accumulating ETH while retailers sell, replicating market bottom patterns.
After several days of sharp declines, Ethereum is showing signs of stabilization; the crypto seems to have found a breather, placing it near the $2,870 mark. The recovery occurs in a context of slowing outflows from Ethereum ETFs, exchange-traded funds, a factor that has dominated selling pressure so far in November.
This time, the negative influence again came from Grayscale’s ETHE, an asset that lost $15.7 million in 24 hours. Undeniably, it’s a negative flow, but that figure is smaller than the withdrawals that repeatedly exceeded $60 million in the middle of the month.
On the other hand, activity in funds from other issuers, such as BlackRock, Fidelity, and Bitwise, was practically nil, with Invesco being the only positive exception with a modest inflow of $2.9 million.
Despite this scenario, the cumulative balance for November remains over $465 million in net outflows, with Grayscale ETHE totaling $4.9 billion in withdrawals since its launch. Nevertheless, the lighter session on November 19 signals a potential phase of Ethereum stabilization by whale support.
Whales Accumulate at Historical On-Chain Support
Ethereum’s rebound is no coincidence. Its price succumbed to a key on-chain support zone, the “$2.8K realized price cluster,” a historical mark aligning with Ethereum’s cycle lows, just like in 2020, 2022, and mid-last year.
On-chain data confirms that the realized price levels of the largest holder cohorts converge in this $2.8K area, indicating that most large investors are not experiencing significant losses or gains at this point.
On-chain charts also reveal a visible “capital rotation“: retailers (wallets from 1 to 100 ETH) continue to reduce their balances, while whales (over 10k ETH) are actively expanding their positions.
This divergence is a classic pattern seen near previous market bottoms, where large holders use lower prices to increase their exposure. With decreasing long liquidations and increasing short interest, this structure aligns with past transition periods, consolidating Ethereum stabilization by whale support at this crucial technical level.
