What you need to know
Is ETH still a popular option for institutions?
BitMine was the only treasury company to buy the dip. The spot ETFs experienced the largest monthly decline.
Can $3k stop the drop?
Data on the chain indicated a possible reversal, however macro-printing of 20 November could provide much clarification.
Bid for Institutional Funding Ethereum [ETH] BitMine Immersion currently accounts for the majority of this. Tom Lee’s Treasury firm acquired Extra 54K ETH [worth $173 million]. The spot U.S. ETH ETF was in a full risk-off mode.
ETF investors sold off $1.42 Billion in November alone, the most since ETFs launched in the year 2024.
Source: SoSo value
Can $3k Support last longer?
Nearly $4 billion worth of ETH leveraged bets from institutions has shown that the market is cooling down. Open Interest [OI] Since the flash crash on 10 October, all of our accounts have been wiped clean.
The ETH Basis Trade, which is buying the spot ETH ETF on CME and selling it off, shrank from 10% to 3%, before stabilizing at 4%.
Source: Velo
ETH managed to hold its support of $3k for the last four days despite mixed institutional demand.
Swissblock’s own Liquidity Index, which is a proprietary index, has shown that the altcoin actually triggered the bottom of the market.
This analytics company added,
“It’s a matter of time: if liquidity is rebuilt in the coming weeks, the next expansion leg opens.”
Source: Altcoin Vector
In late 2024 or early 2025, an identical signal was raised. The resets of the liquidities were followed in each case by gains above $4,000. If history repeats itself, ETH might soon rebound.
Options are a great way for traders to make money. activity The outlook was similar. Over the last 24-hours, call-buying has been the most popular. [bullish bets, represented by green bars] By the 28th or 21st November, you should aim to reach $4000 and 3100.
Source: Arkham
For bearish bets [red bars] Players sought to protect themselves against the possibility of a loss up to $2,500 and $3000 for December and November.
What this means is that some players were expecting the drop to be at least $2.5k, if only $3k was needed for cracks.
The market will be focused on the 20th of November, when the Labor Department releases its September jobs report.
The Fed would be likely to stop the rate reduction in December if the labor market is strong. This could also trigger another selling wave.
A weak report can increase the chances of a cut in rates and lead to relief.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
