Ethereum News Today: Deleveraging Crypto Market: A Prelude to Recovery or Prolonged Downturn?

The crypto market is navigating a complex landscape of deleveraging and cautious recovery, as analysts highlight shifting investor behavior and macroeconomic factors. Open interest in futures contracts has declined by 21% over the past 90 days, signaling an ongoing reduction in leveraged positions.

This trend aligns with historical patterns where such reductions often precede market resets, allowing for a rebuild on a "healthier basis," according to analyst Darkfost from CryptoQuant. The drop follows sharp declines of 24% and 29% in leverage during market adjustments in September 2024 and April 2025, respectively as reported.

Recent developments, however, suggest a tentative rebound. The conclusion of the U.S. government shutdown on November 13, 2025, spurred a recovery in Bitcoin and Ethereum prices. Bitcoin rebounded above $102,000 after hitting a weekly low near $100,800, while Ethereum surged 2.36% to $3,533, driven by renewed institutional demand. Analysts attribute the uptick to reduced policy uncertainty and the resumption of key economic data releases, which could influence Federal Reserve policy and weaken the U.S. dollar.

Institutional demand for Bitcoin has shown signs of resurgence, with U.S.-listed spot ETFs recording $523.98 million in inflows on November 12. This follows a week of mixed flows, including $1.15 million in inflows on November 11, after a prior week of $1.22 billion in outflows as reported. The inflows contrast with Ethereum's ongoing struggles, as ETH ETFs saw $107 million in outflows on Tuesday, extending their net outflow streak to $13.75 billion as noted.

Ethereum, however, has drawn significant accumulation from large investors. On-chain data reveals Ethereum whales purchased over $350 million in ETH during the recent pullback, with one entity acquiring 10,000 ETH ($34 million) and another 24,007 ETH ($82 million) via Galaxy Digital's over-the-counter desk as reported. These moves suggest institutional confidence in Ethereum's medium-term potential, despite broader market uncertainty.

Altcoins like XRP and SUI have shown mixed signals. XRP rebounded to $2.57 but faces technical headwinds, with its price trading below key moving averages and the RSI at 48, indicating waning bullish momentum. Meanwhile, SUI reclaimed $2.00 despite a 15% drop in DeFi TVL to $1.35 billion, reflecting persistent risk-off sentiment in the ecosystem as reported. Open interest for both tokens remains volatile, with XRP's derivatives market seeing a rise to $4.11 billion in open interest, while SUI's OI fell to $781 million as noted.

The market's near-term trajectory hinges on macroeconomic clarity and regulatory developments. The resumption of operations at the SEC and CFTC has reinvigorated pending ETF approvals, potentially boosting long-term regulatory certainty. However, analysts caution that Bitcoin's consolidation around $104,000 suggests sideways movement unless a clear macroeconomic catalyst emerges.