Ether falls to $2,220 as US spot ETFs record $100m in outflows
US spot ether funds withdrew $99.9 million on Nov. 5, reversing gains from the prior day as the token dropped 8.5 percent.
Key takeaways
- 1Ether fell 8.5 percent to $2,220 on Nov. 6.
- 2US spot ether ETFs recorded $99.9 million in net outflows on Nov. 5.
- 3The outflows reversed $53 million in net inflows from Nov. 4.
Ether dropped 8.5 percent to $2,220 on Nov. 6, underperforming Bitcoin amid a sharp pullback across digital asset markets. The move followed a turn in sentiment among United States institutional investors, who withdrew capital from exchange-traded funds tracking the second-largest cryptocurrency.
Spot ether ETFs in the US recorded $99.9 million in net withdrawals on Nov. 5, according to data reported by The Defiant. The single-day redemptions fully erased the momentum from the previous session on Nov. 4, when the funds had gathered $53 million in net inflows.
Ether is the native token of the Ethereum network, which powers decentralized finance protocols and smart contracts. The token sits second behind Bitcoin in total market size. Broad digital asset markets faced selling pressure alongside ether, with Bitcoin falling 5.8 percent in 24 hours to $75,747, according to YourKhabri data, bringing its market capitalisation to $1.52 trillion.
Institutional inflows into US spot products have been a primary driver of trading sentiment for major cryptocurrencies. The swift return to net redemptions suggests that institutional buyers remain cautious during wider market declines. Market participants will watch daily ETF clearing figures over the coming sessions to see if capital outflows accelerate or stabilize.
Also reported by
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.