On November 16, 2025, Ether (ETH) slipped beneath the $3,100 mark, representing a notable pullback for the second-largest digital asset as investor mood soured due to conflicting institutional cues and overall crypto market weakness. This downturn occurred while Tom Lee of Fundstrat Global Advisors
claimed ETH is entering a "supercycle" similar to Bitcoin's
, a perspective that has met resistance from skeptics who doubt Ethereum's ability to fend off competitors. At the same time,
Ethereum
ETFs
experienced $259 million in withdrawals
on Thursday—the largest since October 10—bringing total net outflows to $1.42 billion since the start of November.
This price movement mirrored wider market headwinds, as institutional selling and economic uncertainty put pressure on digital assets. For example, Harvard University's endowment
made an unusual move by investing $443 million
in BlackRock's
iShares Bitcoin Trust
(IBIT), the largest spot
bitcoin
ETF globally. This decision
highlights the increasing interest of institutions in crypto
, even as Bitcoin ETFs themselves saw $1.6 billion in outflows over three days—the steepest in nine months.
This price movement mirrored wider market headwinds, as institutional selling and economic uncertainty put pressure on digital assets. For example, Harvard University's endowment
made an unusual move by investing $443 million
in BlackRock's iShares Bitcoin Trust (IBIT), the largest spot bitcoin ETF globally. This decision
highlights the increasing interest of institutions in crypto
, even as Bitcoin ETFs themselves saw $1.6 billion in outflows over three days—the steepest in nine months.
Lee’s optimistic outlook for Ethereum
is based on similarities to Bitcoin’s 100-fold surge
since 2017, despite the asset’s volatility—ETH has suffered six drops of more than 50% over the last 8.5 years. Yet,
critics have questioned Ethereum’s distinct value
, including well-known bitcoin supporter "The Bitcoin Therapist," who asked what sets it apart from the many other blockchains. This ongoing debate points to a larger issue in the crypto space: whether Ethereum’s technical advances, such as Layer-2 scaling, can support its high valuation in a competitive landscape.
There is a split among institutional players. While
Harvard’s $443 million investment in IBIT shows faith
in Bitcoin’s future,
MicroStrategy’s latest purchase of 884 more BTC
further cements Bitcoin’s reputation as a value store. In contrast, Ethereum’s recent outflows and large-holder activity indicate mixed strategies.
Some long-term investors offloaded 2,404 ETH
for $7.7 million, while a single major holder acquired 16,937
ETH
, showing divergent approaches.
The negative market mood also affected
XRP
, which slid 4.3% to $2.22 despite the introduction of a U.S. spot XRP ETF (XRPC). The ETF launched with $58.6 million in trading volume on its first day but was unable to steady the token, which saw $25 million in long positions liquidated.
Experts blamed the decline
on a general move away from risk and Bitcoin’s recent weakness, as it had dropped over 5% in the previous week.
As one analyst observed
, "The road upward is never perfectly smooth"—a reminder of the cyclical nature of crypto markets and the patience needed to weather their ups and downs.