Ether Near $2,120 as BitMine Adds to Holdings Amid ETF Outflows

Dek: BitMine has reported additional ether holdings even as U.S. funds record outflows and leveraged longs are wiped out, a split that shows who is on each side of the market.

Ether traded near $2,120 on Tuesday, November 10, down about 0.6% over 24 hours and about 5.8% over seven days, according to Crypto News. It lagged bitcoin, which was roughly flat, and moved in a 24-hour range of about $2,085 to $2,148. The report ties the weakness to fund outflows, liquidations and caution before U.S. October consumer prices, due at 8:30 a.m. Eastern time.

ETF outflows continue

U.S. spot ether exchange-traded funds recorded net outflows of $184.51 million on Monday, November 9, according to SoSoValue data cited by Crypto News. That follows about $365.2 million of net outflows from November 2 to 6, led by BlackRock's ETHA, which extended the streak covered in our sixth-week outflow report. Flow totals differ between data providers, and readers should compare them with Farside Investors figures.

Liquidations

More than $462 million of ether-related positions were liquidated on November 9, of which about $425 million were longs, according to CoinGlass data cited by Crypto News. That is about 92% of the total on the long side. A liquidation occurs when an exchange closes a leveraged position that no longer meets margin requirements. The concentration of longs shows how many traders were positioned for a rebound that did not arrive. The wider crypto liquidation total over the weekend is in our bitcoin report.

BitMine keeps buying

BitMine reported 6,070,092 ETH as of November 8, equivalent to approximately 4.97% of supply, in a November 9 regulatory filing. Its previous disclosed holdings were 6,060,506 ETH, making the week-on-week increase 9,586 ETH, subject to company reporting conventions. The company has staked about 86% of those holdings. Its chairman, Tom Lee, remains bullish over the long term and argues that price weakness reflects market impatience, the report said.

At the November 10 reference price of $2,120 per coin, the approximate weekly increase represents $20.3 million; this is an illustrative calculation, not the disclosed purchase price. The holding as a whole is worth about $12.9 billion at that price. These are derived numbers and depend on the price used. The company's cost basis was not given in the reports reviewed, so we cannot say whether the position is at a profit or a loss.

The contrast is notable. Funds that serve investors through brokerage accounts have been selling, while a single corporate buyer keeps accumulating. The reports do not show the reasons behind individual fund flows, and a firm's purchases are not a forecast of price.

Staking and onchain signals

Lookonchain reported that an Ethereum Foundation-linked wallet sold 1,000 ETH, about $2.13 million, though the report notes it did not establish who controlled the wallet, according to Crypto News. The amount is small against daily trading volume.

Santiment reported more than 630 daily large transactions in staked ether, known as stETH, the highest sustained level since April, along with rising borrowing against staked ether, according to the same report. Increased borrowing against staked holdings can mean holders are raising cash without selling, and it can also add leverage. The report does not say which interpretation applies.

Technical levels

ETH trades below the 20-day Bollinger Band midline at $2,279.42 and near the lower band at $2,110.59, and its relative strength index stands at 33.23, close to the oversold threshold of 30, according to Crypto News. Support sits at $2,081.50, followed by $2,000. Resistance is at $2,200. These are analysts' readings and not forecasts.

Backdrop

A separate November 10 market report placed bitcoin near $75,000 and the Fear and Greed Index at 32, up from 29; these readings were snapshots, not live quotes. Spot bitcoin ETFs lost $430 million on November 5 and $412 million on November 6, according to the same report. Equities rose strongly on Monday while crypto lagged, which KuCoin noted as a divergence. U.S. consumer prices will test rate expectations, with markets pricing about an 82% chance of a Federal Reserve hike in December, as discussed in our previously published Asian market report.

What the evidence supports

The evidence supports a description of positioning, not a price view. Retail-facing funds and leveraged traders have reduced exposure, while one large holder has increased it. It does not show that selling pressure has ended, or that BitMine's purchases will lift prices. Ether remains well below its August 2025 record of $4,946, covered in our earlier reporting.

What to watch

The first marker is the CPI release and ether's reaction around $2,081 and $2,200. The second is Tuesday's ETF flow report. The third is BitMine's next weekly disclosure of holdings. The fourth is whether stETH borrowing keeps rising.

Limits of the reporting

Most figures come from one Crypto News article that cites SoSoValue, CoinGlass, Lookonchain and Santiment, and the primary data were not reviewed. Prices differ by exchange and time. Derived calculations are marked as ours. This article is not investment advice.