November 2025 will likely be recorded in crypto history books as a defining moment of institutional capitulation. The attached chart from CryptoQuant reveals a stark reality: after a summer of euphoria in July and August, market sentiment shifted violently.
Specifically, November witnessed the largest monthly net outflow from Ethereum ETFs to date, totaling a staggering $1.4 billion.
This massive purple bar on the negative side is not just a statistic; it represents a mass exodus of institutional capital.
The correlation between this flow data and price action is brutal and direct. As these funds aggressively liquidated their positions, the selling pressure forced Ethereum into a freefall, crashing from a high of $4,800 down to $2,800.
What does this tell us?
The market was likely significantly over-leveraged. The massive inflows seen in mid-2025 created a bubble that burst the moment momentum stalled. This $1.4 billion outflow represents a classic “capitulation” event.
While a $2,800 level can hold as a solid floor after this historic institutional shakeout, the market now faces the challenge of rebuilding trust and liquidity in the post-capitulation phase.
Written by CryptoOnchain
