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