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Ethereum passes $4,650 as spot ETFs continue strong streak of inflows

Meanwhile, BitMine Immersion Technologies now has more than 2% of the token’s supply.

Sage D. Young

Ethereum crossed $4,650 for the first time in over three weeks on Monday, rising 2.3% in the past 24 hours and roughly 11% in the last seven days. 

After registering six consecutive months of positive inflows, spot ethereum ETFs continue to see strong trends. October has seen $621.4 million of ETF inflows to date, already more than doubling last month’s figure of $287.5 million.

In other news for ethereum:

  • BitMine Immersion Technologies now holds more than 2% of ethereum’s supply with over 2.8 million in the tokens worth over $13 billion. “We remain confident that the two Supercycle investing narratives remain AI and crypto,” BitMine Chairman Tom Lee said in a statement.

  • Crypto asset manager Grayscale announced its Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF have enabled staking, allowing investors to earn a yield on their holdings.

  • Ethereum developers are gearing up for Fusaka, the next network upgrade, which is expected to come at the end of the year. Following ethereum’s last mainnet upgrade several months ago, Fusaka aims to improve the blockchain’s scalability and bring more on-chain economic activity into the network’s ecosystem, according to VanEck.

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Ethereum falls below a critical level

The last time ethereum was below $3,000 was in July 2025, after a number of corporate firms had begun to roll out their ethereum treasury strategies.

$1T

Painvember is real — the crypto market has lost more than $1 trillion in overall market cap since early October and now sits at $3.2 trillion, down from $4.3 trillion on October 6, when bitcoin hit its all-time high.

Bitcoin dipped below $90,000 for the first time since April late Monday night. The asset is roughly flat from one year ago, shortly after the US presidential election.

“The longer bitcoin stays under $100k, the more the sense of imminent doom intensifies. But amid all this panic, there are reasons to be optimistic. We’ve seen BTC ETF ownership jump from 20% to 28% this year, institutional demand remains high, and the biggest Bitcoin whale — Michael Saylor — has just scooped up more BTC,” Nic Puckrin, cofounder of Coin Bureau, told Sherwood News.

  • The Bitcoin Fear and Greed Index is now at 11, reflecting “extreme fear.”

  • Bitcoin ETFs saw $254.51 million in outflows on Monday, bringing total outflows to $2.59 billion in November. BlackRock’s iShares Bitcoin Trust, the most successful bitcoin ETF, saw a whopping $1.26 billion exit its fund so far this month.

  • Meanwhile, ethereum ETFs suffered $182.8 million in outflows — $1.42 billion so far this month, according to SoSoValue.

  • Crypto liquidations reached $801 million in the past 24 hours, Coinglass data shows. Bitcoin suffered $433 million in liquidations, with the bulk of them — $390.89 million — in long positions.

“Bitcoin and crypto are trading much more like classic risk assets right now. Everything is moving with broader risk sentiment and growing anxiety around credit,” Greg Magadini, director of derivatives at Amberdata, told Sherwood.

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