Ethereum Tests $2,400 as ETF Outflows Meet the Glamsterdam Delay
Ethereum’s price improved into November 5, but the broader investment picture remains mixed, and the tension between the two is the story of the week. A checked market page showed Ether at 2,424.43 dollars, with a market capitalisation of 295.44 billion dollars, 24-hour trading volume of 17.06 billion dollars, and a circulating supply of 122.19 million ETH. The same page showed a 52-week range of 1,507.60 to 3,657.37 dollars, well above its lows for the year and well below its highs. The rebound in the quoted price is real, but it has arrived alongside two headwinds that have not gone away: three weeks of heavy outflows from United States spot Ether exchange-traded funds, and a postponed testnet upgrade that has left the timing of Ethereum’s next major milestone uncertain.
That combination is unusual enough to deserve careful reading. A rising price and falling institutional demand can coexist for a while, because spot markets, derivatives traders, and ETF investors act on different horizons and for different reasons. But when they point in opposite directions for long, one of them usually gives way. Either the price recovery pulls ETF buyers back in, or the persistent outflows eventually drag on the price. The first days of November offered a hint that the first outcome is possible, with Ether funds recording their first inflow of the month. Whether that hint becomes a trend will shape Ethereum’s November.
Ethereum ETF Outflows: Three Weeks of Heavy Redemptions
Institutional flows have not yet confirmed the rebound in price. An analysis reported about 220.6 million dollars of net outflows from United States spot Ether funds during the week beginning October 19. It also cited 542.1 million dollars of outflows in the week of October 5 to 9, and 320 million dollars in the following week. The weekly withdrawals declined over the three weeks, from 542.1 million to 320 million and then to 220.6 million, but they remained a material source of potential selling pressure throughout late October. Added together, the three weeks account for roughly 1.08 billion dollars of net outflows, a substantial sum against total net assets of 14.12 billion dollars.
The concentration of those outflows is striking. The same analysis reported that BlackRock’s iShares Ethereum Trust, known by the ticker ETHA, accounted for about 1.01 billion dollars of the three-week outflow, or roughly 93 percent of the total cited. That concentration matters for how the figures should be interpreted. When nearly all of the selling comes from a single fund, it may reflect decisions by a small number of large holders, or a rebalancing by one set of investors, rather than a broad-based loss of confidence across every Ether fund. A single fund driving 93 percent of outflows is a very different story from ten funds each losing a tenth of the total.
Ethereum ETF Inflows Return: The November 4 Counter-Signal
Against that backdrop of three heavy weeks, November 4 delivered a counter-signal worth noting. SoSoValue data, reported by CoinGabbar, showed a daily net inflow of 53.02 million dollars into United States spot Ether ETFs, the first inflow of November. Cumulative net inflow since launch stood at 12.12 billion dollars, with 947.88 million dollars traded that day, and total net assets of 14.12 billion dollars, equal to 4.77 percent of Ethereum’s market capitalisation. BlackRock’s ETHA fund led the day with 32.75 million dollars of inflows, followed by Fidelity at 19.24 million dollars, Grayscale’s ETH fund at 13.60 million dollars, and Grayscale’s ETHE at 9.68 million dollars. BlackRock’s ETHB fund recorded a 22.38 million dollar outflow, the odd one out on an otherwise green day.
The same day brought a parallel signal from Bitcoin funds, which recorded a daily net inflow of 74.57 million dollars, also their first of November, with Fidelity leading at 236.72 million dollars while BlackRock’s Bitcoin fund saw a 201.24 million dollar outflow. The two inflows arrived as the global cryptocurrency market capitalisation climbed to 2.78 trillion dollars, up 3.1 percent in 24 hours according to CoinGecko data, with total trading volume of 87.3 billion dollars. Ether itself traded at 2,413.62 dollars in the CoinGabbar snapshot, up 4.1 percent on the day, a figure close to but not identical with the 2,424.43 dollar reading on the checked market page, a small difference that reflects different snapshot times in a market that trades continuously.
One day of inflows does not reverse three weeks of outflows, and it would be a mistake to treat it as proof that institutional demand has turned. A single day can reflect one large buyer, a short-term tactical allocation, or a pause in selling rather than a new trend. But the composition of the day is encouraging for those watching for a turn: the inflow was led by ETHA, the very fund that accounted for 93 percent of the three-week outflow, which suggests that at least some of the selling from that fund may have paused or reversed. If inflows continue for several more sessions, the narrative shifts from a market recovering despite ETF selling to a market recovering with ETF buying behind it. If redemptions resume, November 4 will look like a brief interruption in a longer outflow trend. The next few daily prints will matter more than this one.
Glamsterdam Delay: What the Hoodi Postponement Means
The second headwind is a matter of timing rather than money. Ethereum developers postponed the planned Glamsterdam activation on the Hoodi testnet. The upgrade had been scheduled for October 26, 2026, but no replacement activation date had been set in the checked analysis. The delay allows further investigation of how EIP-8037 and related gas changes interact with smart contracts already deployed on Ethereum’s mainnet. Testnets exist precisely to catch those interactions before they reach the live network, and a postponement is the system working as designed, even if it is disappointing for those waiting on a date.
The postponement affects a testnet, not the live Ethereum mainnet, and the cited analysis said that mainnet users and ETH holders did not need to take action. No funds are at risk because of the postponement, no holder needs to move tokens or upgrade anything, and the network itself continues to operate normally. What the delay removes is a near-term milestone and the visibility that comes with it. Investors and developers who were tracking Glamsterdam as the next step in Ethereum’s upgrade roadmap now have no date to track, and the timing of any subsequent mainnet rollout is unclear until a new testnet date is set.
Ethereum Price at $2,400: What Traders Watch Next
The 2,424.43 dollar reading is a point-in-time quote from a checked market page, not a verified daily close, and that caveat deserves emphasis. Crypto markets trade continuously, so a displayed price should not be treated as a conventional exchange-session return without a matching comparison basis. What the quote does establish is that Ether was trading in the low 2,400s as November 5 unfolded, holding above 2,400 dollars after a rebound of 4.1 percent on the day in the CoinGabbar snapshot. The 52-week range of 1,507.60 to 3,657.37 dollars frames that level: Ether has recovered substantially from its lows, but it remains far below the highs that would signal a return to the euphoria of earlier in the year.
Near-term attention is likely to remain on daily Ether ETF flow data and developer communications about Hoodi and Glamsterdam. A confirmed testnet date could improve visibility and give the market a milestone to trade around, while renewed redemptions or further technical delays would keep pressure on sentiment. Traders will also watch whether the 2,400 dollar level holds as support. A level that is defended over several sessions, with buyers stepping in on dips toward it, carries more weight than a single snapshot above it. A swift fall back below it would suggest the rebound was driven more by short covering and broad market relief than by fresh conviction in Ether itself.
There is also a wider context that should not be ignored. The same CoinGabbar report that carried the ETF inflow figures noted that House Democrats are discussing a new crypto market structure bill for the next Congress, that could reshape crypto oversight. Republicans have called it a messaging bill, and it is early days, but regulatory direction is part of the same picture as ETF flows and upgrade timing. Ethereum’s November will be shaped by all three, and the tension between a recovering price and unresolved questions on each front is what makes the current moment worth watching closely rather than celebrating or dismissing.
FAQ
Why is Ethereum’s price in focus despite the rebound to $2,424?
Ether reached 2,424.43 dollars on a checked market page, but United States spot Ether ETFs recorded about 1.08 billion dollars of net outflows over three weeks in October, and developers postponed the Glamsterdam testnet upgrade, leaving the recovery facing two headwinds.
How large were the Ether ETF outflows?
About 542.1 million dollars in the week of October 5 to 9, 320 million dollars the following week, and 220.6 million dollars in the week beginning October 19. BlackRock’s ETHA accounted for about 1.01 billion dollars, roughly 93 percent of the three-week total.
Did Ether ETFs see any inflows in November?
Yes. SoSoValue data showed a daily net inflow of 53.02 million dollars on November 4, the first inflow of November, led by ETHA with 32.75 million dollars. One day does not reverse a three-week trend, but it is a counter-signal worth watching.
What is the Glamsterdam delay?
Developers postponed the planned Glamsterdam activation on the Hoodi testnet, which had been scheduled for October 26, 2026, with no replacement date set. The delay allows investigation of how EIP-8037 and related gas changes interact with smart contracts already deployed on mainnet.
Do ETH holders need to do anything because of the delay?
No. The postponement affects a testnet, not the live mainnet, and the cited analysis said mainnet users and ETH holders did not need to take action. The delay removes a near-term milestone and leaves mainnet rollout timing unclear.
Source: ad-hoc-news.de / CoinGabbar
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