ETH just fell below its July low against BTC — and even its biggest corporate buyer couldn’t hold the line.
The facts: ETH closed at 0.0284 BTC on Nov. 8 — its weakest level since July 12, when the ratio hit 0.0283 (CryptoDaily, Nov. 10; confirmed by 24/7 Wall St, Nov. 9). Since then, it has fallen further: based on current prices of around $2,032 per ETH and $73,300 per BTC, the ratio is now about 0.0277 — already below that July low. Meanwhile, BitMine kept adding to its holdings, buying 9,587 ETH last week to reach 6,070,092 ETH (4.97% of the supply), while U.S. spot ETH ETFs saw $365.3 million in outflows during the week of Nov. 2–6.
My take: This isn’t just ETH weakening; ETH is losing badly in the relative-performance race. The biggest whale buyer is still accumulating, but ETF outflows and a growing supply — around 122.2 million ETH, up from 120.7 million a year ago — are weighing more heavily. ETH is also still below its 50-day average (~$2,360) and 200-day average (~$2,310), with the next support at $1,850–1,860 and resistance at $2,280, according to CryptoDaily.
What I’m watching: whether the ratio stays below 0.0283, confirming a break below the July low, or manages to climb back above 0.0320; plus whether ETH ETF outflows finally stop this week.
Do you think ETH will bounce from here, or will BTC keep dominating through the end of the year?
This is my analysis, not financial advice — always DYOR.
#Ethereum #Bitcoin $ETH $BTC
The facts: ETH closed at 0.0284 BTC on Nov. 8 — its weakest level since July 12, when the ratio hit 0.0283 (CryptoDaily, Nov. 10; confirmed by 24/7 Wall St, Nov. 9). Since then, it has fallen further: based on current prices of around $2,032 per ETH and $73,300 per BTC, the ratio is now about 0.0277 — already below that July low. Meanwhile, BitMine kept adding to its holdings, buying 9,587 ETH last week to reach 6,070,092 ETH (4.97% of the supply), while U.S. spot ETH ETFs saw $365.3 million in outflows during the week of Nov. 2–6.
My take: This isn’t just ETH weakening; ETH is losing badly in the relative-performance race. The biggest whale buyer is still accumulating, but ETF outflows and a growing supply — around 122.2 million ETH, up from 120.7 million a year ago — are weighing more heavily. ETH is also still below its 50-day average (~$2,360) and 200-day average (~$2,310), with the next support at $1,850–1,860 and resistance at $2,280, according to CryptoDaily.
What I’m watching: whether the ratio stays below 0.0283, confirming a break below the July low, or manages to climb back above 0.0320; plus whether ETH ETF outflows finally stop this week.
Do you think ETH will bounce from here, or will BTC keep dominating through the end of the year?
This is my analysis, not financial advice — always DYOR.
#Ethereum #Bitcoin $ETH $BTC