Ethereum News Today: Ethereum's Slide Intensifies as '66kETHBorrow' Reverses Short with $163M Buy

Ethereum's price slid below $2,800 on Nov. 20, 2025, as corporate treasury activity and whale movements intensified speculation about further declines. BitMine, the investment vehicle of Tom Lee, has emerged as a dominant force in the Ethereum market, holding 3.56 million ETH-nearly 2.9% of the total supply-according to its Nov. 17 update. The firm added 54,156 ETH in a single week, bringing its total crypto and "moonshot" assets to $11.8 billion, including 192 Bitcoin and a $607 million cash reserve according to BitMine's Nov. 17 update. This aggressive accumulation has positioned BitMine as the largest Ethereum treasury globally, second only to MicroStrategy in overall crypto holdings.

The market's bearish momentum was further amplified by a whale address known as "66kETHBorrow," which recently purchased an additional 57,725 ETH ($163 million) after previously profiting from short selling 70,000 ETH ($223 million) at $3,188. Despite its current average holding price of $3,332, the whale now faces a $200 million floating loss, having accumulated 432,721 ETH (worth $1.24 billion) through a mix of buys and sells according to market analysis. Meanwhile, Ethereum spot ETFs recorded $262 million in net outflows on Nov. 19, marking their eighth consecutive day of outflows according to data, signaling waning institutional demand.

Technical indicators paint a similarly bleak picture. Ethereum's price has broken below the 100-day and 200-day moving averages, with the Relative Strength Index (RSI) hovering near 33 on daily charts-a sign of bearish momentum according to analysis. Analysts warn that a breakdown below $2,850 could trigger a cascade to $2,300, a level last tested in early Q3. Short-term traders are closely watching the $3,000 support zone, which has held but remains vulnerable to renewed selling pressure according to forecasts.

Despite the near-term pessimism, Ethereum's 2025 upgrade roadmap offers a potential lifeline. The Pectra upgrade, expected in late 2025, will introduce account abstraction and validator improvements, enhancing scalability and user experience according to Gate's analysis. Additionally, the Fusaka upgrade aims to boost Layer-2 efficiency via PeerDAS, which could reduce transaction costs and attract new users. However, these upgrades may not offset the immediate selling pressure from leveraged longs and profit-taking by corporate treasuries.

The debate over whether Ethereum will reach $2,500 has intensified. Historical patterns suggest that Ethereum often consolidates after sharp declines, with recovery periods ranging from six months to a year according to market analysis. However, current on-chain data shows exchange reserves at multi-year lows-indicating strong long-term accumulation-while short-term demand remains insufficient to counter bearish momentum according to analysis. Tom Lee, in a Nov. 17 message, argued that the crypto cycle peak remains 12–36 months away, a timeline that could see Ethereum weather further volatility before entering a bull phase according to BitMine's statement.