The Ethereum price is entering the weekend with two competing signals: institutional demand has weakened again, while developers are slowing the next major protocol test to address smart-contract risks. The checked Investing.com market page showed Ether at 2,230.32 USD on November 7. It listed a market capitalization of 272.23 billion USD, 24-hour volume of 12.44 billion USD and a circulating supply of 122.19 million ETH.
ETF demand turns cautious
U.S. spot Ether ETFs recorded net outflows of 93.19 million USD on November 6, their second consecutive day of withdrawals, according to TokenPost, citing SoSoValue data. BlackRock's ETHA accounted for 90.76 million USD of the withdrawals, while its ETHB product attracted 1.15 million USD. Grayscale's ETH and Fidelity's FETH also recorded outflows.
The latest figures do not establish a lasting trend by themselves, but they show that the recent rebound has not yet been matched by consistently positive regulated-market flows. TokenPost reported cumulative net inflows of 11.92 billion USD and total net assets of 12.84 billion USD across the spot products. For investors, the distinction matters: a large installed ETF base can provide market access, but current daily flows still indicate uneven demand.
Glamsterdam testing is delayed
Ethereum's development roadmap also has a near-term complication. In a November 6 post, the Ethereum Foundation said the ACD had decided not to fork the Hoodi testnet until issues involving eight smart-contract invariants are resolved. The concerns relate to EIP-8037 and EIP-8038, which change how gas is charged for certain operations and for state. The Foundation said some projects could be vulnerable because they rely on existing gas-cost assumptions.
The delay is a risk-control measure rather than a cancellation of Glamsterdam. The official Ethereum roadmap still lists Glamsterdam as in development for the fourth quarter of 2026. The planned upgrade includes enshrined proposer-builder separation and block-level access lists, but the timing remains subject to testing and issue resolution.
What investors should watch
The Ethereum price therefore faces a confirmation test rather than a single decisive catalyst. A sustained improvement in ETF flows would help demonstrate returning institutional demand, while progress on Hoodi would reduce uncertainty around the upgrade path. Until then, Ether's market valuation and liquidity remain substantial, but recent flows and the delayed testnet fork argue for a measured reading of any short-term rebound.
More Ethereum coverage is available on the Ethereum topic page.
