Ethereum has fallen 13.98% over the past month, creating a divergence between institutional and whale investor behavior. US spot Ethereum ETFs posted $365.3 million in outflows last week, marking their sixth consecutive week of net selling. The funds have shed about $2 billion across the past six weeks, cutting cumulative net inflows to $11.92 billion from an October 2025 peak of $15.09 billion.
Large wallets are moving in the opposite direction. Three major addresses added roughly 35,350 ETH during the period. On November 9, wallet 0xFD10 borrowed 22 million USDT from Aave and spent $21.55 million buying 10,000 ETH at $2,155, according to Lookonchain. The same day, wallet 0x4AB7 withdrew 3,500 ETH from Binance, bringing its weekly total to 16,577 ETH at an average cost of about $2,304 for the first 9,777 coins withdrawn. Two days earlier, wallet 0x32c6 spent 19.7 million USDT on 8,773.5 ETH at roughly $2,245.
BitMine has also continued accumulating, reaching 6,060,506 ETH as of November 1, approaching its stated 5% supply goal. Exchange reserves have declined to 14.62 million ETH, down from about 16.9 million in early January, according to CryptoQuant, suggesting less supply available for immediate sale.
ETH traded at $2,140.08, down 4.25% in the past 24 hours. The token closed below its key $2,200 support level on November 8, breaking a rising trend line that had guided prices since late June. Analyst Daan Crypto Trades cited $2,100 as another significant level. To the downside, a rising wedge breakdown pattern points toward $1,754, the 0.786 Fibonacci level, roughly 18% below current prices. The whale entries between $2,155 and $2,304 now sit above market price.