Ethereum fell from $3,445 this month to $3,058 on Monday, Nov. 18. After sliding 11% from its monthly high, it has entered a small technical correction.
Ethereum's price motion was due to whales selling coins. Whales traded $300 million in ETH tokens in the previous 24 hours, according to LlamaFeed. In the largest whale movement, 50,000 ETH tokens worth over $153 million were transferred to Kraken for $12.80 transaction fees.
Another significant whale transferred 15,579 tokens worth $47.8 million to Coinbase. Investors liquidate tokens initially by sending them to exchanges.
Two days of spot ETF outflows lowered Ethereum's price. Outflows rose to $59.8 million on Friday from $3.24 million the day before. In all, these ETFs have had $178 million inflows, compared to $27 billion for Bitcoin.
Meanwhile, the blockchain has lagged behind smaller DEX networks. Its DEX networks handled $850 million in volume, down 4.7% in 24 hours. Base, BSC, and Arbitrum handled $1.28 billion, $1.27 billion, and $992 million, while Solana handled $5.92 billion.
