For investors, the move is frustrating: since the start of 2025, ETH has effectively round-tripped to prior levels. Still, fresh data offers a reason for measured optimism. According to Coinglass, on November 3 investors withdrew $359 million worth of Ethereum from exchanges — the third-largest single-day outflow since October. Such flows are often viewed as a bullish signal because coins are being moved to self-custody for longer-term holding, pointing to rising confidence and an accumulation phase.
Earlier in October, two similar outflow spikes were recorded — both followed by ETH rebounds of 7.9% and 13%, respectively. A repeat of that pattern can’t be ruled out.
Institutional sentiment also remains constructive. Public company BitMine Immersion Technologies, associated with investor Tom Lee, used the dip to lift its ETH holdings to 82,353 ETH (about $290 million), roughly 2.8% of the circulating supply. Meanwhile, several large “whales” also bought the dip. Per Onchain Lens, the wallet cluster known as “7 Siblings” accumulated over $70 million in ETH during the correction.
That private and institutional bid is, however, being offset by outflows from Ethereum ETFs. On November 3 alone, funds run by BlackRock and other issuers saw about $135 million in net redemptions.
10x Research: Shorting Ethereum as a Hedge for Bitcoin
According to 10x Research, Ethereum faces structural headwinds as Bitcoin continues to attract the bulk of institutional capital — making ETH a potential hedge leg for short exposure amid a cautious market backdrop.
As institutional flows tilt more aggressively toward Bitcoin, Ethereum-focused companies are experiencing tighter liquidity conditions. That opens opportunities for investors seeking hedges within the digital-asset sector.
Per the latest report from 10x Research, this setup makes short ETH (~$3,330) a potentially effective way to hedge exposure to Bitcoin (~$102,000).
ETH treasury companies remain optimistic despite rising market risks
Industry data indicates there are currently 15 companies holding ETH in treasury — a combined total of roughly 4.7 million ETH. The largest holder is BitMine with about 3.3 million ETH. It’s followed by SharpLink with 859,853 ETH and Bit Digital with around 150,244 ETH.
This distribution suggests that corporate interest in Ethereum remains resilient, despite recent market volatility and the gravitational pull of institutional flows toward Bitcoin.
Analysts caution that calling a trend reversal is premature — it becomes more plausible once the macro backdrop improves, including resolution of the potential U.S. government shutdown, which could revive risk appetite and re-energize the broader crypto market.