Ethereum falls below $2,000 as large holders sell and buy

Lookonchain valued the wallet’s latest sale at approximately $3.87 million. Onchain Lens said the ETH was exchanged for about 3.87 million USDS through CoWSwap. Lookonchain described it as the fourth sale it had tracked from Foundation-linked wallets during the recent downturn, following activity on October 12, October 26 and November 10. The wallet had also sold 1,000 ETH on November 11, after disposing of another 1,000 ETH the previous day; Onchain Lens put its sales over those three days at 4,000 ETH.

ETH had reached $2,050 in the preceding day before falling to roughly $1,905. Bitcoin was below $69,000, and Ethereum was down nearly 13% over seven days. CoinGlass recorded about $288 million in ETH futures liquidations over 24 hours, including approximately $259 million in long positions—nearly 90% of the total. Liquidations happen when exchanges close leveraged positions after traders fail to meet margin requirements.

Other large holders also sold. Onchain Lens reported that one investor withdrew about 8,876 ETH from Aave and swapped 16,700 ETH for $30.94 million in USDT through CoWSwap. The tracker valued the ETH at approximately $32.55 million, a difference of around $1.61 million from the proceeds. It said the same investor bought 8,631 ETH for about $23.67 million a month earlier, at an average of $2,743 per token. Lookonchain separately reported that a wallet sold 1,499.5 ETH for roughly $3 million, while another holder reportedly sold 6,532 ETH worth about $13.62 million on November 12, at an estimated loss of $3.1 million.

Buying continued as prices fell. Lookonchain said a wallet purchased 10,380 ETH for approximately $19.91 million. After the transaction, it held 25,498 ETH, valued at $49.44 million, with an average purchase price of $2,382 and an estimated unrealized loss of $11.3 million. Separately, US spot Ethereum ETFs recorded $144.8 million in net outflows on November 11, including $129.8 million from BlackRock’s ETHA; preliminary November 12 data showed a further $8 million in withdrawals. US consumer prices rose 0.4% in October, according to figures released by the Bureau of Labor Statistics on November 10, keeping inflation and Federal Reserve rate expectations in focus.