Ethereum Updates Today: Is the Crypto Market’s Deleveraging Signaling an Imminent Rebound or an Extended Slump?

The cryptocurrency market is currently experiencing a period marked by deleveraging and a cautious attempt at recovery, with analysts pointing to evolving investor strategies and broader economic influences. Over the last 90 days, open interest in futures contracts has

, indicating a continued pullback in leveraged trading. According to CryptoQuant analyst Darkfost, this pattern is consistent with previous cycles, where such reductions often come before the market resets and begins to rebuild from a more stable foundation. The recent decline follows significant drops in leverage of 24% and 29% during the corrections in September 2024 and April 2025 .

Despite this, recent events point to a possible recovery. The end of the U.S. government shutdown on November 13, 2025, triggered a rebound in

and values. Bitcoin climbed back above $102,000 after dipping to a weekly low near $100,800, while Ethereum , fueled by a resurgence in institutional buying. and the return of important economic data releases, which may impact Federal Reserve decisions and put pressure on the U.S. dollar.

There are renewed signs of institutional interest in Bitcoin, as U.S.-listed spot ETFs

on November 12. This comes after a week of mixed flows, including $1.15 million in inflows on November 11, following a previous week that saw $1.22 billion withdrawn . In contrast, Ethereum continues to face challenges, as ETFs experienced $107 million in outflows on Tuesday, extending their cumulative net outflows to $13.75 billion .

Nonetheless, Ethereum has attracted notable accumulation from major holders. Blockchain data shows that large investors acquired over $350 million worth of ETH during the recent downturn, with one wallet purchasing 10,000 ETH ($34 million) and another buying 24,007 ETH ($82 million) through Galaxy Digital's OTC desk

. These acquisitions indicate that institutions remain optimistic about Ethereum's prospects in the medium term, despite the uncertain market environment.

Alternative cryptocurrencies such as

and have displayed mixed performance. XRP but is facing technical resistance, trading below important moving averages and with an RSI of 48, which points to weakening bullish . SUI, on the other hand, regained the $2.00 mark despite a 15% decrease in DeFi TVL to $1.35 billion, reflecting ongoing risk aversion in its ecosystem . Both tokens continue to see fluctuations in open interest, with XRP's derivatives market , while SUI's open interest dropped to $781 million .

The short-term direction of the market depends on greater macroeconomic clarity and regulatory progress. The reopening of the SEC and CFTC

, which could enhance long-term regulatory stability. Still, analysts warn that Bitcoin's current consolidation near $104,000 unless a decisive macroeconomic trigger appears.