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Ethereum (ETH), the second-largest cryptocurrency by market cap, traded near $2,250 on Monday, November 2, as activity in the derivatives market increased and U.S. spot Ethereum exchange-traded funds (ETFs) recorded their largest monthly net outflows since launch.
According to data from CoinMarketCap (on November 2 at 7:37 PM UTC), ETH was trading at $2,249, down 0.59% over the previous 24 hours. Despite the decline, trading activity increased with daily volume rising 148% to approximately $11.09 billion, leaving its market capitalization at approximately $274.86 billion in value.
Ethereum derivatives market sees more activity
The derivatives market has increased by 167.55% to around $33.87 billion in 24 hours, according to CoinGlass (on November 2 at 7:37 PM UTC). Options trading also increased, with volume rising by more than 125% to $1.44 billion. Options open interest, which measures the number of outstanding options contracts that have not been settled, increased by 1.84% to $5.50 billion. However, overall futures open interest moved in the opposite direction, falling 0.92% to approximately $28.22 billion.
Meanwhile, about $65.04 million has been liquidated from the market within the same 24-hour period. Data from CoinGlass (on November 2 at 7:37 PM UTC) shows that traders who had bet on the price going up suffered the most losses, worth about $36.83 million, while the rest, around $28.21 million, accounted for short positions.
Ethereum ETFs lose billions in assets
U.S. spot Ethereum ETFs recorded $1.61 billion in net outflows during October, according to SosoValue (on November 2 at 7:37 PM UTC). This marked the largest monthly withdrawal since the products were launched. Although the funds attracted money on a few trading days, those inflows were too small to reverse the overall decline.
The largest daily inflow came on October 13, when the funds attracted $24.84 million. They also recorded $14.96 million in inflows on October 21. However, October 30 brought the biggest single-day withdrawal, with $155.85 million leaving the funds.
BlackRock’s iShares Ethereum Trust (ETHA) recorded the largest loss among the individual products, with $1.42 billion in withdrawals. Grayscale Ethereum Trust (ETHE) also lost $119.08 million. Together, the two products accounted for most of the money that left Ethereum ETFs during the month.
Only two funds ended October with positive inflows. Fidelity Ethereum Fund (FETH) attracted $36.13 million, while Morgan Stanley Ethereum Trust (MSSE) received $3.73 million. Other funds recorded withdrawals or no movement in their investment flows.
From October 5 to October 9, the funds lost $542.07 million. Another $319.97 million left between October 12 and October 16, followed by $220.6 million in withdrawals from October 19 to October 23. During the final trading week, the funds also recorded five consecutive sessions of outflows, losing approximately $431.4 million.
BlackRock’s ETHA was particularly affected. The fund recorded withdrawals on every trading day between October 26 and 30. Its largest single-day loss during that period was $105 million on October 26.
The effect was also visible in its total assets. ETHA’s net assets fell from $9.9 billion on October 5 to $6.9 billion on October 30, representing a decline of approximately 30%. Both investor withdrawals and the falling price of ETH contributed to the reduction.
All the ETF data is sourced from SoSoValue as of November 2 at 7:37 PM UTC.
Analysts offer different Ethereum price outlooks
Despite October’s ETF outflows, several market analysts have maintained bullish long-term outlooks for Ethereum, although their price targets and trading strategies differ.
In an X post, analyst Ted Pillows said Ethereum could begin a major upward move after breaking above $4,000. He set a long-term price target of $13,000 to $15,000 for the current market cycle.
Crypto Patel also shared a bullish outlook but identified $2,287 as an important price level for Ethereum. According to the analyst, the current price area could offer an entry opportunity, although his preferred buying zone remains between $1,800 and $1,900.
He explained that this lower range contains a bullish order block and fair value gap, two technical trading areas that some traders use to identify possible buying opportunities. He also wants to see a liquidity sweep and bullish confirmation before entering a trade.
Crypto Patel’s price targets include $2,700, $3,200, $4,400, $6,000, and eventually $10,000.
However, Merlijn The Trader argued that Ethereum reaching $10k is a “fantasy”. He said the asset’s long-term value is supported by growing network activity. He pointed to $158 billion in stablecoins already operating on Ethereum and tokenized stocks reaching $827 million, representing a 170% increase in one year.
The analyst said more traditional financial activity is moving onto blockchain networks and sees Ethereum as one of the major platforms benefiting from that growth.
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