Ether Dips Below $2,000 as Record Staking Meets ETF Outflows

Ether slipped below the $2,000 mark on Thursday, its first trip under that line since August. The daily low hit $1,983.64, with a high of $2,063.34, and by late Thursday evening one ETH cost $2,011 on CoinGecko, roughly €1,820. According to the report, the trigger was the resignation of Nvidia chief executive Jensen Huang, which pressured technology stocks and pulled crypto down with them. Ether had defended $2,000 since the summer — on November 10 it held by a thread at a $2,003 low, and August 19 was the last day it traded below, at $1,905.

Meanwhile, more ether is locked up than at any point in the network's history. Validatorqueue showed 44.6 million ETH staked on Thursday evening across 798,836 active validators, equal to 36.51% of supply, while Token Terminal puts the figure at 36.3% and calls it an all-time high — the two differ because they define total supply differently. The trend has been running for weeks: from 35.74% in September to 36.36% on November 6, a gain of roughly 200,000 ETH in six days, while the price slid from $2,229 to $2,011. Funds, listed companies holding ether on their balance sheets and long-term investors are doing the locking, according to 24/7 Wall St., which cites Bit Digital as holding about 163,726 ETH as of September 30 and committing 73,683 ETH to liquid staking in the third quarter.

The counterweight sits in the United States. Spot ether ETFs lost a net $144.8 million on Wednesday, November 11, with $129.8 million of that coming from BlackRock's iShares Ethereum Trust alone, per Farside Investors data analysed by crypto.news. November's eight completed trading days add up to $695.9 million in outflows, with only November 4 posting a gain — $53 million. Five straight days of redemptions totalling $523.9 million mean issuers either sell the matching ether or stop buying, and stakers who simply sit still don't fill that gap.

The queue data shifts the story. On November 6, 986,847 ETH waited to enter staking and just 4,320 ETH waited to leave. By Thursday evening, 931,247 ETH were on the way in with a 16-day, 15-hour wait, while the exit queue had grown to 258,309 ETH and a 5-day, 14-hour wait — an almost sixtyfold jump in pending exits inside six days. Inflows still outrun outflows by more than three to one, so the staking ratio keeps climbing. Validatorqueue puts the annual staking yield at 2.42%.

Ether is also losing ground against bitcoin: down 2.3% in 24 hours against bitcoin's 3.6%, 10.2% over seven days against 6.0%, and 19.7% over 30 days against 14.2%. It now trades about 59% below its record high of $4,946 set on August 24, 2025. On the way up, crypto.news flags $2,031 and then $2,100, with the 200-day line at $2,151; ether sits below all three major averages, the 20-day at $2,257 and the 50-day at $2,443. Below Thursday's $1,983 low, 24/7 Wall St. points to a zone near $1,980 where Coinbase Markets sees about $589 million in options traders' short gamma positioning, which can amplify down moves, followed by the August low of $1,905 and $1,875.