Ethereum price falls despite BitMine buying another 9,587 ETH

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Ethereum price has fallen slightly over the past 24 hours to $2,120 on November 10, extending its recent losses as spot ETF outflows continue and traders monitor activity among large ETH holders.

Summary

Ethereum price declined to $2,120, underperforming Bitcoin despite relatively stable conditions across cryptocurrency markets Tuesday.
U.S. spot Ethereum ETFs recorded $184.51 million in net outflows on November 9, SoSoValue reported.
Lookonchain reported that an Ethereum Foundation-linked wallet sold 1,000 ETH worth approximately $2.13 million Tuesday.
Santiment recorded over 630 daily large stETH transactions as borrowing activity involving staked Ether increased.
BitMine acquired another 9,587 ETH, raising its total holdings to 6,070,092 tokens.

According to Ethereum price data, ETH has declined 5.78% over the past seven days, while Bitcoin gained slightly during the latest 24-hour period. The broader cryptocurrency market remained nearly flat, leaving Ethereum underperforming Bitcoin despite its relatively small daily decline.

You might also like: Ethereum whales buy millions in ETH as price falls below $2,200

Ethereum ETF outflows reach $184.51 million

U.S. spot Ethereum ETFs recorded $184.51 million in net outflows on November 9, extending the withdrawals seen during the previous trading week.

According to SoSoValue data, the funds recorded $651.11 million in trading volume on Monday, while their combined net assets stood at $12.07 billion. Cumulative net inflows reached $11.74 billion despite the latest withdrawals.

U.S. spot Ethereum ETFs, source: SoSoValue

The November 9 outflows followed approximately $365.2 million in net withdrawals between November 2 and November 6.

As crypto.news previously reported, BlackRock’s ETHA accounted for $345.9 million in withdrawals during the first week of November. Fidelity’s FETH recorded $15.3 million in net inflows over the same period.

Meanwhile, Ethereum’s latest decline follows the November 9 liquidation wave, when traders faced more than $462 million in liquidations. Long positions accounted for approximately $425 million of that total, according to CoinGlass data.

The liquidations occurred during the earlier selloff, while the latest 24-hour figures show a smaller decline.

Ethereum Foundation-linked wallet reportedly sells 1,000 ETH

Onchain activity has drawn attention following another reported transaction involving a wallet associated with the Ethereum Foundation.

Blockchain analytics account Lookonchain reported that an Ethereum Foundation-linked address sold 1,000 ETH, valued at approximately $2.13 million, on November 10.

The transaction followed a two-week break in selling activity from the address. Lookonchain noted that Ethereum had declined another 7.7% since the wallet’s previous reported sale.

The address was identified as Foundation-linked, although the report did not establish who controlled the latest transaction. The available information does not show whether the sale directly affected Ethereum’s market price.

Elsewhere, Santiment reported increased activity among large holders of Lido Staked Ether, known as stETH, during the preceding four days.

Staked Ethereum Whales SURGING As Ethereum Leverage Rebuilds

Lido Staked Ethereum whale activity has exploded over the past four days, reaching its highest sustained level since April. stETH is seeing well over 630 daily transactions worth at least $100K here in early… pic.twitter.com/0oZut0K9zN
— Santiment Intelligence (@SantimentData) November 9, 2026

According to the analytics firm, daily transactions involving at least $100,000 in stETH exceeded 630, reaching their highest sustained level since April.

Santiment said borrowing activity involving stETH had increased as holders used their staked tokens as collateral. The firm identified $2,100 as an important price area to monitor alongside continued whale transaction activity.

BitMine adds 9,587 ETH despite weaker prices

Institutional Ethereum purchases have continued despite the decline in market prices.

BitMine Immersion Technologies announced on November 9 that it purchased another 9,587 ETH during the previous week, bringing its holdings to 6,070,092 tokens.

The company said its holdings represented approximately 4.97% of Ethereum’s circulating supply, estimated at 122.2 million ETH.

BitMine has staked 5,227,037 ETH, representing approximately 86% of its holdings. The firm estimated potential annualized staking rewards of $359 million if its entire Ethereum position were staked, using its trailing seven-day staking yield of 2.65%.

Its combined cryptocurrency holdings, cash, marketable securities, and other investments stood at approximately $14.3 billion.

Meanwhile, BitMine Chairman Tom Lee maintained a positive longer-term view of Ethereum despite its recent price weakness.

“To me, the languishing of $ETH price, while disappointing, is arguably more a reflection of the impatience of markets,” Lee wrote.

Lee pointed to Ethereum’s role in tokenization and recent comments from Vitalik Buterin describing ETH as a store of value.

To me, the languishing of $ETH price, while disappointing

is arguably more a reflection of the impatience of markets

– in 2026
– steady and visible progress is made on the tokenization supercycle
– vast majority on Ethereum $ETH
– founder of ethereum @VitalikButerin affirms… https://t.co/b8M1VmrFgy
— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) November 10, 2026

Ethereum price analysis shows $2,110 support in focus

On the daily chart, Ethereum continues trading below its 20-day Bollinger Band middle line at $2,279.42, with the recent price structure showing lower highs and lower lows.

The lower Bollinger Band stands at $2,110.59, placing ETH close to an immediate technical support area. A sustained move below that level would bring the previous swing low of $2,081.50 into focus, followed by $2,000.

Ethereum price chart, source: crypto.news

Meanwhile, the Relative Strength Index stands at 33.23, below its signal average of 36.28. The reading indicates weak momentum and places ETH close to the conventional oversold threshold of 30.

On the upside, $2,200 remains the first resistance area, while the Bollinger Band middle line at $2,279.42 provides another reference. The upper band stands at $2,448.25.

Crypto analyst More Crypto Online identified a potential price-bottom formation within a previously established downside target zone. The analyst noted that Tuesday’s U.S. inflation report could bring additional volatility.

Can $ETH form a low in our target zone?
CPI could lead to some volatility on Tuesday#Ethereum pic.twitter.com/0VJpT8PTVe
— More Crypto Online (@Morecryptoonl) November 10, 2026

The Bureau of Labor Statistics scheduled its October Consumer Price Index release for November 10 at 8:30 a.m. Eastern Time.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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