U.S. spot Ethereum ETFs recorded $365.3 million in net outflows in the preceding week, extending their outflow streak to six weeks, according to BeInCrypto reporting cited by TechFlow on November 9, 2026. Cumulative net outflows over those six weeks were approximately $2 billion.
The same report described ETH purchases and withdrawals by some large addresses, alongside a decline in exchange reserves. These measures capture different aspects of demand and supply; they do not, by themselves, establish ETH’s valuation.
ETF flows and large-address activity
According to on-chain monitoring cited in the report:
- One whale borrowed 22 million USDT on November 9 and purchased 10,000 ETH for approximately $21.55 million.
- Another address withdrew a total of 16,577 ETH from Binance during the preceding week.
The reported purchase was funded through borrowing. The Binance withdrawals, separately, record a movement of ETH off the exchange—not necessarily a purchase during that period.
Exchange reserves fell from the start of the year
The report cited CryptoQuant data showing Ethereum exchange reserves at 14.62 million ETH, down from approximately 16.9 million ETH at the beginning of 2026.
For valuation analysis, the distinction matters: ETF net flows measure flows through a specific investment channel, large-address transactions describe particular holders’ activity, and exchange reserves measure ETH held on exchanges. The reported figures show ETF outflows occurring alongside buying by at least one large address and lower exchange balances, but do not establish an overall demand trend or a fair-value estimate.
Original publication: November 9, 2026, at 13:58:22 (UTC+8). Original article: TechFlow, citing BeInCrypto, on-chain monitoring and CryptoQuant.