A sharp mid-November sell-off pushed ETH under $3,100 after heavy ETF outflows and forced liquidations, but on-chain data shows large wallets buying the dip. This article breaks down price action, volume spikes, ETF flow impacts, whale accumulation and what traders should watch next.

Recent ETF inflows and large exchange withdrawals tightened ETH liquidity, fueling elevated trading volume and a short-term price pullback. Institutional demand—led by BlackRock and Fidelity—continues to reshape Ether's supply dynamics while network upgrades and regulatory shifts support medium-term confidence.

This week Ethereum saw record institutional inflows of $2.12B and a planned Nasdaq listing of 400,000 ETH, even as ETH slipped ~4% amid lower volume and shifting exchange flows — a clash of growing institutional demand and short-term liquidity pressure.