Ethereum Dips to $2,267 as Exchange Supply Falls to 3.20%, ETFs Bleed

Ethereum is trading at $2,267.07, down 1.01% over the past 24 hours. The dip comes ahead of the US midterm elections and a busy week of US data.

Traders look careful. Still, a few signals under the surface look better than the price suggests.

ETH Slips 1% as Midterms and Jobs Data Take Over

US Job Openings data and the midterm elections are in focus today. The first election results should arrive early tomorrow.

Tomorrow also brings US ADP and the ISM Services PMI. On Thursday, we get US Jobless Claims. Friday ends the week with the NFP report and the University of Michigan Consumer Sentiment survey.

ETH has a market cap of $276.44 billion. Futures volume stands at $28.89 billion, while spot volume is $1.77 billion.

ETF Outflows Hit $139.8M as BlackRock's ETHA Leads Exits

Spot ETH ETFs saw a daily net outflow of $139.80 million as of November 2. That points to some selling pressure.

BlackRock's ETHA lost $138.31 million of that. ETHB, also from BlackRock, saw $4.63 million leave.

The bigger picture is firmer. Cumulative net inflows remain positive at $12.15 billion. Total net assets are $13.18 billion, or 4.80% of ETH's market cap.

Bitmine Adds 5,000 ETH and Now Holds 4.96% of Supply

Lookonchain reports that Tom Lee's Bitmine bought another 5,000 ETH, worth $11.22 million, about six hours ago.

Bitmine now holds 6.065 million ETH ($13.7 billion). That is 4.96% of the total supply.

The buy is small next to the ETF outflow. But it shows steady demand from a large holder.

ETH Exchange Supply Falls to 3.20% After the Binance Hack

Santiment data shows ETH exchange supply fell from 3.56% of total supply at the Oct 28 close to 3.20% at the Nov 2 close. Just over half of that drop came on Oct 29, the day of the Binance hack.

TRM Labs says 200,630 ETH was drained from Binance's hot wallet that day.

Top exchange addresses tell a different story. Their ETH rose about 39K on Oct 29, then fell about 313K across Nov 1 and Nov 2, after withdrawals reopened.

From the Oct 28 to Nov 2 closes, top-address holdings are down about 297K ETH, or 5.4%. Where those coins went, cold storage or another venue, is not clear yet.

Derivatives Show Traders Leaning Cautious

Open interest fell 2.47% to $27.95 billion. That suggests fewer open bets in the futures market.

Options tell a different story. Volume jumped 42.95% to $949.63 million, and options open interest rose 4.77% to $5.43 billion.

The overall ratio of 0.9728 shows a slight edge for shorts. Yet more accounts on Binance and OKX hold longs.

Longs took most of the 24-hour pain. In the last hour, though, shorts lost more: $332.48K against $75.34K for longs.

ETH Outperforms Bitcoin as Chart Shows a Sweep

Analyst Michaël van de Poppe says ETH shows more momentum than Bitcoin right now. Markets are weak, but the ETH/BTC pair is doing significantly better.

The chart shows a sweep of recent lows, followed by a push higher. He reads that as a sign of broader demand in the ecosystem.

What Could Come Next for ETH

The picture is mixed. ETF outflows and falling open interest point to caution.

Bitmine's buying, rising options activity, and the ETH/BTC bounce point the other way.

If outflows slow and the US data comes in calm, ETH may find its footing near current levels. If outflows continue and Friday's NFP surprises, selling pressure could last longer. Nobody can say for sure.

Disclaimer

This article is for information only and is not financial advice. Crypto is volatile and carries a high risk of loss. Do your own research and speak with a licensed advisor before investing.