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Ethereum News Update: Ethereum's Decline Deepens as '66kETHBorrow' Switches Short Position with $163 Million Purchase

Ethereum News Update: Ethereum's Decline Deepens as '66kETHBorrow' Switches Short Position with $163 Million Purchase

Bitget-RWA2025/11/21 05:22
By:Bitget-RWA

- Ethereum fell below $2,800 on Nov. 20, 2025, driven by corporate treasury sales and whale trading activity. - BitMine, Tom Lee's fund, holds 2.9% of ETH supply ($11.8B total crypto assets), while whale "66kETHBorrow" faces $200M losses from $163M ETH purchase. - Ethereum ETFs saw $262M outflows for 8th consecutive day, with technical indicators showing bearish momentum below key moving averages. - Upcoming 2025 upgrades (Pectra, Fusaka) aim to improve scalability but may not counter immediate selling pre

On November 20, 2025, Ethereum’s value dropped below $2,800 as increased activity from corporate treasuries and large holders fueled concerns about further price drops. Tom Lee’s investment arm, BitMine, has become a major player in the

market, now controlling 3.56 million ETH—almost 2.9% of the total supply—based on its November 17 disclosure. In just one week, the company acquired 54,156 ETH, pushing its total digital asset and “moonshot” holdings to $11.8 billion, which includes 192 and a $607 million cash balance . This aggressive buying spree has made BitMine the world’s largest Ethereum treasury, ranking just behind MicroStrategy in overall crypto assets.

Bearish sentiment in the market was heightened by a whale address called “66kETHBorrow,” which recently bought another 57,725 ETH (worth $163 million) after previously making gains by shorting 70,000 ETH ($223 million) at $3,188. Although the whale’s average entry price is $3,332, it now faces an unrealized loss of $200 million, having amassed 432,721 ETH (valued at $1.24 billion) through a series of trades

. At the same time, Ethereum spot ETFs experienced $262 million in net outflows on November 19, marking the eighth straight day of withdrawals , reflecting a decline in institutional interest.

Ethereum News Update: Ethereum's Decline Deepens as '66kETHBorrow' Switches Short Position with $163 Million Purchase image 0
Technical signals also indicate a negative outlook. Ethereum has fallen below both its 100-day and 200-day moving averages, and the daily Relative Strength Index (RSI) is near 33—a level that points to continued bearishness . Experts caution that if the price drops under $2,850, it could trigger a further slide to $2,300, a level last seen in early Q3. Short-term traders are monitoring the $3,000 support area, which has so far held but remains at risk of renewed selling .

While the short-term outlook is gloomy, Ethereum’s development roadmap for 2025 could provide some optimism. The Pectra upgrade, scheduled for late 2025, will bring account abstraction and validator enhancements, aiming to improve scalability and the user experience

. The Fusaka upgrade is also planned to enhance Layer-2 performance through PeerDAS, potentially lowering transaction fees and attracting more users. Still, these improvements may not be enough to counteract the immediate selling pressure from leveraged positions and corporate treasury profit-taking.

The question of whether Ethereum will fall to $2,500 has become more heated. Past trends show that Ethereum typically consolidates after steep drops, with recovery phases lasting from half a year to a full year

. However, current on-chain metrics reveal that exchange reserves are at their lowest in years—suggesting strong long-term accumulation—while short-term buying remains too weak to reverse the bearish trend . In a November 17 statement, Tom Lee suggested that the peak of the crypto cycle is still 12 to 36 months away, implying that Ethereum could face more volatility before entering a sustained bull run .

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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