Ethereum Traders Buy the Dip Despite Third-Largest Spot Outflow Since October

Ethereum's spot outflows reached $359 million on November 3, marking the third-largest single-day outflow since October, which is typically seen as a bullish indicator. Historical data suggests that such outflows have often preceded price rebounds ranging from 7% to 13%. The dip in Ethereum's price to an intra-day low of $3,466 led to the liquidation of $325 million in long positions, a common precursor to market recoveries. Furthermore, the Bitcoin and Ethereum treasury company BitMine Immersion Technologies has increased its holdings by acquiring over $294 million in ETH recently. Analysts highlight that these actions may signal renewed accumulation as investors move ETH from exchanges to private custody, indicating confidence in long-term value. While historical patterns provide a favorable outlook, experts caution that the sustainability of a rebound depends on macroeconomic conditions, including the broader liquidity situation and demand growth. Ethereum is currently trading at $3,498, reflecting a decline of 5.9% over the past 24 hours, with concerns over potential further downturns if demand falters.

Source 🔗