Ethereum Plunges Below $3,100 Amid Massive ETF Outflows and Veteran Investor Distribution

The price of Ethereum (ETH) has taken a significant hit, falling below the critical $3,100 threshold as of November 17, 2025. This pronounced weakening of market momentum stems from a potent combination of factors, primarily driven by substantial net outflows from U.S. spot Ethereum ETFs and an uptick in selling activity initiated by investors who have held the asset for extended periods.

Institutional selling pressure reached a fever pitch, evidenced by the staggering net outflow recorded in ETH-ETFs. For the week spanning November 10 through November 14, 2025, these products registered withdrawals exceeding $728 million. This figure marks the third-largest weekly outflow in the history of the product category. Specifically, November 13, 2025, proved particularly brutal, with net outflows from these investment vehicles hitting $259.6 million. The largest single-day capital extractions were observed in BlackRock’s iShares Ethereum Trust (ETHA), which shed $137.3 million, and Grayscale’s Ethereum Trust (ETHE), which recorded an outflow of $67.9 million on that same date. Earlier in the month, on November 5, 2025, a net outflow of $118.5 million was primarily attributed to a massive $146.6 million withdrawal from ETHA.

Compounding the institutional distress, long-term Ethereum holders have begun distributing their assets at a pace not seen since February 2021. According to data compiled by Glassnode, wallets that have maintained ownership of ETH for durations ranging from three to ten years have been offloading an average of approximately 45,000 ETH daily, based on a 90-day moving average. At current valuations, this equates to roughly $140 million in daily sales. This widespread liquidation by market veterans underscores the gravity of the prevailing market conditions and signals a palpable decline in confidence regarding the asset's immediate trajectory.

Despite this overwhelming selling pressure, a contingent of large holders, often dubbed "whales," demonstrated counter-cyclical behavior by accumulating hundreds of thousands of ETH, totaling a value exceeding $1 billion. However, this robust accumulation effort proved insufficient to neutralize the combined force exerted by ETF redemptions and long-term holder distribution. As of November 17, 2025, Ethereum’s price was officially logged at $3,056.18, representing a 1.25% decrease from its previous closing price. Technical analysis paints a grim picture, indicating that the asset is trapped within a descending trend channel, having already ceded the crucial support zone around $3,325. Should the current selling momentum persist, analysts suggest a further slide toward the psychological $3,000 level is highly probable.

The prevailing mood across the crypto landscape reflects this bearish turn. The Fear and Greed Index registered a score of 14 on November 17, 2025, firmly placing the market sentiment in the zone of "extreme fear." Nevertheless, institutional interest in the broader crypto asset class has not entirely evaporated. This is highlighted by the recent commitment from Harvard University, which allocated $443 million to BlackRock’s iShares Bitcoin Trust (IBIT). Therefore, the market currently exhibits a fragmented positioning among participants: while established long-term holders and institutional ETH ETFs are actively reducing their exposure, select major players continue to aggressively build up their crypto holdings.