Ethereum’s price tumbled below $2,700 on Friday, marking its steepest drop in months as the broader crypto market faced one of its sharpest downturns since October. The slump pushed ETH to levels last seen in July, according to market data, as fear and liquidations rippled across the sector.
The sell-off wasn’t limited to Ethereum. Bitcoin also fell to multi-month lows on Nov. 21, 2025, adding pressure to an already fragile market. Analysts noted that the sudden downturn triggered a fresh wave of leveraged liquidations—wiping out long positions across major altcoins and accelerating the downward momentum.
ETF Outflows Add to Downward Pressure
One of the major drivers behind the decline appears to be persistent outflows from spot crypto ETFs. Both Bitcoin and Ethereum investment products recorded back-to-back net outflows, signaling that institutional sentiment has weakened.
Interestingly, while BTC and ETH products suffered withdrawals, spot ETFs tied to a few alternative networks saw inflows—suggesting some investors may be rotating capital away from the two largest digital assets.
Market watchers say the breach of key support levels for Ethereum raises the risk of deeper losses. If buyers fail to step in soon, analysts caution that ETH could face a prolonged struggle to reclaim previous support zones.
Bitmine Adds More ETH Despite Market Turmoil
In a surprising move against the market trend, Nasdaq-listed Bitmine announced that it added more Ethereum to its treasury on Nov. 20. The company did not reveal the exact number of tokens purchased, but confirmed it increased its total holdings even as prices continued to slide.
The strategy stands in contrast to broader sentiment. Crypto analytics firm 10x Research reported that Treasury-style companies holding large amounts of digital assets are now sitting on substantial unrealized losses following the market correction. According to the firm, these paper losses could make it harder for such companies to appeal to new investors—especially when existing shareholders are staring at deep drawdowns.
With global markets still volatile and ETF outflows showing no signs of reversing, Ethereum’s short-term path remains uncertain. Traders and analysts alike are now watching closely to see whether $2,700 can act as a stabilizing zone—or if the market has further to fall.
Also Read: XRP Drops to 6-Week Low as Traders Pull Back Ahead of ETF Launches
