Ethereum tumbled sharply this week, plunging more than 12% to briefly touch $3,245 before stabilizing around $3,300. The downturn came just as U.S. spot Ethereum ETFs flipped positive again after six days of withdrawals. According to market data, the funds recorded a $12.5 million net inflow on November 6, a sign that institutional investors are not backing away from the asset despite its sharp price fall.
BlackRock’s ETHA fund led the rebound with the largest inflow, followed closely by Fidelity’s FETH. In contrast, Grayscale’s ETHE continued to see outflows, reflecting uneven investor sentiment across issuers. Collectively, Ethereum ETF holdings have now reached $21.75 billion, representing about 5.45 percent of the cryptocurrency’s total market value. This suggests that professional interest remains steady even amid a turbulent week for prices.
Whales Send Mixed Signals as Accumulation and Selling Clash
Large holders are moving in different directions, making Ethereum’s outlook increasingly uncertain. The well-known “7 Siblings” accumulation cluster added 1,601 ETH worth roughly $5.25 million during the latest dip. Since October 11, the group has purchased around 45,800 ETH valued at about $163 million, with an average buy price of $3,561. Given current market levels, those wallets are now holding an unrealized loss of about $9.5 million.
However, not all whales are buying as Lookonchain data revealed that three newly activated wallets withdrew 4,920 ETH from Tornado Cash and sold their holdings near $3,302. The opposing moves show that confidence among large players remains split between short-term exits and long-term positioning.
Three new wallets just withdrew 4,920 $ETH($16.25M) from https://t.co/11PfRBP2j2 and sold at around $3,302.
Is this Richard Heart (@RichardHeartWin, founder of HEX, PulseChain, and PulseX) selling — or hackers?
For context, Richard Heart bought 162,937 $ETH($619M) at $3,800 in… pic.twitter.com/kNdLLRofwy
— Lookonchain (@lookonchain) November 7, 2025
Adding more intrigue, Richard Heart, founder of HEX and PulseChain, moved his massive stash of 162,937 ETH—worth approximately $619 million—into Tornado Cash just two days ago. Meanwhile, a wallet linked to SharpLink Gaming transferred over 4,364 ETH to OKX after redeeming it elsewhere, signaling active reshuffling among whales and institutions alike.
Ethereum’s Path Ahead Remains Clouded
Despite the week’s volatility, institutional inflows offer a glimmer of stability. Yet, with whales divided between accumulation and selling, Ethereum’s next move remains unpredictable. The combination of renewed ETF demand and shifting on-chain activity underscores a market still torn between conviction and caution.