The staking ratio has climbed to 36.32%, yet the exchange rate has fallen to its weakest level in four months—ETH is telling two different stories right now.
One ETH now buys just 0.0284 BTC. That was the closing rate on November 8, the weakest in four months; the July 12 low was 0.0283, so it’s almost right on that line. Using this morning’s spot price, the rate has since slipped to around 0.0279, breaking below that July floor.
Meanwhile, ETH’s staking ratio has risen to 36.32%, up 4.32 percentage points since May, as more and more coins are being locked up. BitMine added another 9,587 ETH last week, bringing its total holdings to 6.07 million, nearly 5% of the circulating supply. Of those, 5.22 million have already been staked.
But buying pressure hasn’t been enough to absorb selling: U.S. spot ETH ETFs saw net outflows of $184.6 million on Monday alone. BlackRock’s ETHA accounted for $119.3 million—the largest single-day outflow since October 6. For the week of November 2–6, total outflows came to $365.3 million. ETH is currently at $2,051, after closing at $2,088 on November 10. It’s down 6.7% over five trading days and 17.7% over the past month.
Technically, two moving averages are overhead: the 50-day at around $2,360 and the 200-day at around $2,310. If ETH can’t reclaim them, they’ll continue to cap the price. Support lies around $1,850–$1,860; if that breaks, there isn’t much meaningful support below. The first resistance level to watch is $2,280.
This whale’s take: The staking ratio is still rising, which suggests long-term holders aren’t leaving. The new exchange-rate low shows short-term money voting with its feet. Neither side is wrong; the mistake is thinking both trends will play out at the same time. ETH isn’t a contest over whose story sounds better—it’s about when ETF outflows finally stop. Until the exchange rate gets back above 0.0320, ETH can’t shake off its weakness. Profits can wait; for now, follow the money. $ETH $BTC
One ETH now buys just 0.0284 BTC. That was the closing rate on November 8, the weakest in four months; the July 12 low was 0.0283, so it’s almost right on that line. Using this morning’s spot price, the rate has since slipped to around 0.0279, breaking below that July floor.
Meanwhile, ETH’s staking ratio has risen to 36.32%, up 4.32 percentage points since May, as more and more coins are being locked up. BitMine added another 9,587 ETH last week, bringing its total holdings to 6.07 million, nearly 5% of the circulating supply. Of those, 5.22 million have already been staked.
But buying pressure hasn’t been enough to absorb selling: U.S. spot ETH ETFs saw net outflows of $184.6 million on Monday alone. BlackRock’s ETHA accounted for $119.3 million—the largest single-day outflow since October 6. For the week of November 2–6, total outflows came to $365.3 million. ETH is currently at $2,051, after closing at $2,088 on November 10. It’s down 6.7% over five trading days and 17.7% over the past month.
Technically, two moving averages are overhead: the 50-day at around $2,360 and the 200-day at around $2,310. If ETH can’t reclaim them, they’ll continue to cap the price. Support lies around $1,850–$1,860; if that breaks, there isn’t much meaningful support below. The first resistance level to watch is $2,280.
This whale’s take: The staking ratio is still rising, which suggests long-term holders aren’t leaving. The new exchange-rate low shows short-term money voting with its feet. Neither side is wrong; the mistake is thinking both trends will play out at the same time. ETH isn’t a contest over whose story sounds better—it’s about when ETF outflows finally stop. Until the exchange rate gets back above 0.0320, ETH can’t shake off its weakness. Profits can wait; for now, follow the money. $ETH $BTC
