Ethereum Drops 2% to $2,062 Amid CPI and ETF Outflows

Ethereum price fell more than 2% to $2,062 over a 24-hour period as hotter-than-expected US inflation data renewed concerns about Federal Reserve interest rates. According to CryptoNews, the macroeconomic pressures combined with ETF withdrawals and leveraged liquidations to add significant selling pressure across the digital asset market.

Inflation and Derivatives Pressure

October consumer prices rose 0.4% month over month, exceeding expectations of 0.3%, while core inflation increased 0.3% against forecasts of 0.2%. The figures raised expectations that the Federal Reserve could maintain restrictive monetary policy or raise rates again. Concurrently, CoinGlass data cited by CryptoNews showed that Ethereum liquidations reached over $258 million over the reported 24-hour period, with long positions accounting for nearly $192 million.

Institutional Outflows and Whale Activity

US spot Ethereum ETFs recorded $184.6 million in outflows on November 9, led by BlackRock's ETHA with $119.3 million in withdrawals, marking the third consecutive trading session of withdrawals. Blockchain analytics reported mixed whale movements, as a wallet linked to the Ethereum Foundation sold 1,000 ETH and large holders reduced exposure by approximately 17,800 ETH over the preceding week. Conversely, treasury firm BitMine and wallet group 7 Siblings continued accumulating tokens during the price decline.

Key facts

• Ethereum price declined more than 2% to $2,062 over a 24-hour period.
• Ethereum liquidations reached over $258 million, with long positions accounting for $192 million.
• US spot Ethereum ETFs recorded $184.6 million in net outflows on November 9.
• October consumer prices rose 0.4% month over month, exceeding the 0.3% expectation.