Ethereum (ETH) is bleeding, after a brutal 10-20% plunge over the past week. The second-largest cryptocurrency by market cap is scraping the $3,100-$3,200 floor, trading around $3,170 USD today, down from highs near $3,600 just days ago. This results as a cascade of over $1 billion in leveraged liquidations across the crypto market, with longs, accounting for nearly 90% of the liquidations. Bitcoin’s dip below $98,000 dragged ETH, Solana, and others into the abyss, wiping out $880 million in a single 24-hour frenzy alone.
Retail traders are panicking, social sentiment is in the gutter, and headlines scream “crash.” While the charts look like a horror show, the on-chain data tells a different story. Whales and institutions aren’t fleeing, they’re feasting. Exchange supplies are evaporating, staking is surging, and smart money is stacking ETH like it’s 2021 all over again.
In this post, we’ll dissect the chaos, unpack the blockchain’s bullish underbelly, and explain why this liquidation bloodbath could be the contrarian buy of the year. Buckle up; fear is your entry ticket.
For users looking for a reliable, fast and low-fee exchange to trade ETH amid the dip, BitUnixis offering an exclusive welcome bonus up to $900. Register and get 10% on your first deposit.
1. The $1B Wake-Up Call
November has been a volatility vortex for crypto. Starting with a sharp sell-off on November 4. Overly leveraged traders and a “perfect storm” of macro headwinds caused ETH to drop 20% in a matter of hours, causing markets to shed $1.36 billion in positions. The global mood is risk-off, ETF outflows have exceeded $869 million, and long-term holder (LTH) selling pressure has resulted from $79 billion in realized profits. The suffering grew worse by November 14; $1.1 billion was liquidated in a single day, with ETH longs suffering the most as prices fell below $3,100 for the first time since March.
It’s not an isolated incident. The heatmap shows dense clusters of long liquidations lurking between $3,600 and $3,900, meaning any short-lived bounce could spark more fireworks. Retail is reeling and X (formerly Twitter) is flooded with “capitulation” cries, and sentiment indexes are flashing “extreme fear” levels not seen since the October crash.
Yet, amid the rubble, opportunity brews. Liquidations flush out weak hands, reset overleveraged positions, and often precede sharp reversals. The question: Is ETH’s on-chain pulse confirming a bottom?
2. On-Chain Secrets: Whales Whisper ‘Accumulate’
Forget the price ticker, blockchain data doesn’t lie. While panic sellers dump, the real players are loading up. Here’s the evidence stacking in ETH’s favor:
- Whale Accumulation Hits Massive buys during the dip: On-chain trackers lit up as whales scooped 394,682 ETH, worth $1.37 billion in just three days ending November 8, one of the largest single accumulation sprees this cycle. Institutions also poured in; OTC desks reported large-block purchases totaling over $350 million, indicating “strategic accumulation ahead of a Q4 breakout.
- Exchange Supply Shock: ETH reserves on exchanges have plunged to a 1-year low (some metrics say 9-year low), down 5% month-over-month as holders move assets to cold storage. Recent outflows topped $282 million, but this isn’t panic, it’s long-term conviction. Fewer coins on ramps means less selling pressure down the line. Supply squeeze setup, demand is increasing even as prices decline, with transaction volumes rising 15% weekly.
- Flash Green Staking at record highs: Deposits increased by 28% so far this year, bringing staked Ethereum to over 36 million tokens, which is close to all-time highs. This locks up supply, reducing float and rewarding holders with yields amid volatility.
In short, retail sells, whales buy. Institutions double down. This divergence is the blockchain’s way of screaming “bottom is in“.
3. Why Buy Now (And Where It’s Headed)
Crypto rhymes with history. Following the liquidations of 2021, ETH recovered 300% from comparable fear lows. This is reflected in the current setup, asymmetric upside = strong on-chain sentiment + extreme sentiment. The medium-term structure is still in place, with upgrades like Pr ague (Q1 2026) looming as catalysts, ETF redemptions stabilizing, and LTHs holding firm.
- Short-Term Projection (Nov-Dec 2025): $3,400-$3,600 rebound if $3,100 holds. A BTC stabilization above $98K could spark ETH/BTC ratio gains to 0.035.
- Medium-Term (2026): $4,500-$5,000, fueled by DeFi TVL rebound to $200B and layer-2 scaling.
- Bull Case: If whales keep stacking (odds: 60%), $10K by late 2026 isn’t wild, especially with BTC eyeing $150K.
- Bottom line: Chaos is temporary; conviction is permanent. The $1B liquidation purge? It’s pruning the tree for stronger growth. As one X trader put it: “When sentiment hits rock bottom AND on-chain shows accumulation, that’s the signal.” ETH at $3,200? That’s your whisper from the whales.
Conclusion
ETH on-chain buy signal in the midst of a $1 billion liquidation is quite loud. The fear has a bullish underbelly due to whales’ $1.37 billion accumulation, disappearing exchange supplies, and staking highs. This November 2025 decline is merely the beginning of a recovery. Keep your HODL strong, stack wisely, and let the blockchain speak for itself.
For more ETH outlooks and crypto insights, check our Ethereum Analysis Guides.
Want more in-depth analysis and airdrop opportunities? Visit FreeCoins24.io/airdrops to explore the latest free crypto drops.
Stay Updated
Stay in the loop with the latest crypto airdrops, strategies, and tips. Follow us on:
Stay informed with the latest strategies and insights in the world of cryptocurrency at FreeCoins24.io.
Special Offer
Dive into crypto Market outlook. Register on BitUnix with code Freecoins24, Claim your exclusive bonus.
