Key Takeaways
- • Spot Ethereum ETFs recorded outflows of $144.8 million, led by BlackRock's withdrawals of $129.8 million, per the primary source.
- • ETH trades around $2,050 on Pluang (Rp36,649,357 as of Nov. 12, 2026, down 1.40% in the last day), with the $2,000 level now the key support.
- • A breakdown below $2,000 could push prices toward $1,900, according to the source's analysis, as ETF redemptions and high futures leverage raise liquidation risk.
- • Options data cited in related coverage shows a $589 million short-gamma pocket near $1,980 to $2,000, which could amplify ETH price swings.
Summary
Ethereum faces renewed selling pressure as spot ETF outflows surged to $144.8 million, with BlackRock's fund accounting for $129.8 million of the withdrawals, according to the primary source. The outflows are pressuring ether near the $2,000 support level, which the article identifies as the critical threshold for near-term direction.
As of November 12, 2026, ether traded at Rp36,649,357 on Pluang, down 1.40% over the previous day, and around $2,050 according to the source. The platform's sentiment data showed 68% of orders favoring purchases and a typical hold time of 109 days, while trading volume remained high at Rp153.81 trillion. The article characterizes institutional demand as weak amid ongoing ETF redemptions and elevated futures leverage, which it says increases liquidation risk.
The source warns that a decisive break below $2,000 could push prices toward $1,900. Recovery, it argues, depends on stabilizing ETF flows and easing withdrawals, while longer-term prospects hinge on network upgrades and stronger institutional interest.
Related coverage adds context on market structure. Options analysis reports a $589 million short-gamma zone between roughly $1,980 and $2,000, which could increase volatility as dealer hedging shifts from stabilizing to amplifying price moves. ETH was trading just above that zone and below a $2,090 to $2,104 gamma flip level at the time of that report. Separately, BitMine disclosed a $6.3 billion net loss for the fiscal year ending August 2026, driven by ether's decline from above $4,000 to around $2,000 following the October 2025 crash.
As of November 12, 2026, ether traded at Rp36,649,357 on Pluang, down 1.40% over the previous day, and around $2,050 according to the source. The platform's sentiment data showed 68% of orders favoring purchases and a typical hold time of 109 days, while trading volume remained high at Rp153.81 trillion. The article characterizes institutional demand as weak amid ongoing ETF redemptions and elevated futures leverage, which it says increases liquidation risk.
The source warns that a decisive break below $2,000 could push prices toward $1,900. Recovery, it argues, depends on stabilizing ETF flows and easing withdrawals, while longer-term prospects hinge on network upgrades and stronger institutional interest.
Related coverage adds context on market structure. Options analysis reports a $589 million short-gamma zone between roughly $1,980 and $2,000, which could increase volatility as dealer hedging shifts from stabilizing to amplifying price moves. ETH was trading just above that zone and below a $2,090 to $2,104 gamma flip level at the time of that report. Separately, BitMine disclosed a $6.3 billion net loss for the fiscal year ending August 2026, driven by ether's decline from above $4,000 to around $2,000 following the October 2025 crash.
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