Ethereum is nearing the $2,000 level, and its decline over the past month appears larger than bitcoin's.
Blockchain media outlet The Defiant reported on Nov. 12 that Ethereum's four-week loss rate was 14.7 percent, exceeding bitcoin's 9.9 percent.
The gap between the two assets' four-week returns is 4.8 percentage points. With Ethereum falling more than bitcoin, whether that gap narrows as well as whether prices rebound could be a yardstick for judging the strength of any recovery.
Pressure also persisted on the supply-and-demand side. Spot Ethereum exchange-traded funds recorded net outflows for five straight sessions. The steady withdrawal of funds from ETFs is also weighing on investor sentiment. That the ETFs have not turned to net inflows even as Ethereum nears the $2,000 level suggests buying sentiment has not recovered enough despite the price decline.
ETF flows are cited as a key variable for gauging near-term direction. If net outflows continue, even if Ethereum rebounds, the momentum to sustain an uptrend could weaken. If outflows ease or shift to net inflows, investor sentiment could improve and room may open for its relative weakness versus bitcoin to ease. That is why shifts in ETF fund flows, along with short-term price moves, need to be watched.
Still, it is difficult to judge overall demand in the Ethereum market based solely on ETF net outflows. ETF fund flows are an indicator distinct from spot trading on exchanges or on-chain transactions and do not encompass all market buying and selling. To gauge how durable any rebound is, it is necessary to check not only whether ETF net outflows stop but also whether buying is supported in the spot market on exchanges.
The figures can also be seen as an indicator comparing the recent resilience of bitcoin and ether. Even within the same crypto market, where funds stay longer is diverging. In this situation, the next focus narrows to whether Ethereum shows a recovery after the $2,000 level and whether the streak of net outflows from spot Ethereum ETFs stops.
