U.S. spot Ethereum ETFs saw net outflows for six consecutive weeks, while some large holders increased their holdings.

U.S. spot Ethereum ETFs recorded $365.3 million in net outflows last week, extending a six-week losing streak that has drained roughly $2 billion cumulatively, even as some large holders added ETH. On November 9, one whale borrowed 22 million USDT and spent about $21.55 million to buy 10,000 ETH, while another address withdrew 16,577 ETH from Binance over the prior week. CryptoQuant data cited by BeInCrypto shows Ethereum exchange reserves fell to 14.62 million ETH from about 16.9 million at the start of the year. The divergence matters because sustained ETF redemptions have weighed on ETH sentiment while on-chain accumulation and shrinking exchange supply suggest some large investors are positioning for tighter available float. Watch whether ETF flows stabilize and whether the reserve drawdown continues in the coming weeks.