Why is Ethereum down today? Ether falls 5% to the edge of $2,000 after a hot CPI print, and Polymarket now prices a $2,000 dip at 91.5%

News analysis · Updated November 10, 2026 · 18+ · Market prices, not predictions · By BetG8 Editorial · Prediction Markets

Ethereum price near $2,000 after the October CPI report, with ETH/BTC ratio and Polymarket odds — ETH/USDT on Binance, November 10, 2026. Spot read 16:54 UTC; Polymarket read 16:52 UTC.

Short answer: Ether fell to $2,006.00 on Binance on Tuesday, its lowest daily low since August 19, and traded at $2,019.82 at 16:54 UTC, down 5.3% over 24 hours. The slide followed an October CPI report that came in a tenth of a point above forecasts on both headline and core, and it extended a week in which US spot ether ETFs posted outflows on three consecutive trading days. Bitcoin fell less, about 2.7% to $72,947, so ether is losing ground against bitcoin too. On Polymarket, the chance that ETH trades at $2,000 at some point in November is now 91.5%. These are market prices, not predictions.

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This is a different sell-off from Sunday's. Our earlier report on the $745 million liquidation hour covered a leverage flush that took ether to $2,063 over the weekend. Tuesday's drop came on a macro catalyst instead. CoinDesk reports that October CPI rose 0.4% month over month against a 0.3% forecast, core rose 0.3% against 0.2%, and the 2-year Treasury yield jumped 14 basis points. Bitcoin slipped to about $73,600 minutes after the 8:30 a.m. ET release, and ether kept falling through the US morning. Ether is now about 10.5% below its November 1 open of $2,255.65 on Binance.

What the market is pricing

Polymarket's November price-level contracts, read from the public Gamma API at 16:52 UTC (midpoint of bid and ask; 24h change is the change in the last traded price):

Polymarket, November, 16:52 UTC	Yes price	24h change
Ether dips to $2,000	91.5%	+30.5 pts
Ether dips to $1,900	62.0%	+22.5 pts
Ether dips to $1,800	39.5%	+16 pts
Ether reaches $2,300	26.5%	-28 pts
Ether reaches $2,500	9.5%	-12 pts
Bitcoin dips to $70,000	65.5%	+19 pts
Bitcoin reaches $80,000	28.5%	-19 pts

The $2,000 contract is close to settled with ether only about $20 above the line. The more informative price is $1,900: traders now put it at better than even, which would mean revisiting the August 19 low of $1,906. Upside contracts have collapsed: a $2,500 print, priced near 21.5% on Monday, is under 10%.

Spot prices and the ETH/BTC ratio

Binance spot	Last	24h change	24h low
ETH/USDT (16:54 UTC)	$2,019.82	-5.3%	$2,006.00
BTC/USDT (16:54 UTC)	$72,946.72	-2.7%	$72,727.27
ETH/BTC (16:49 UTC)	0.02767	-2.7%	0.02752
XRP/USDT (16:49 UTC)	$1.0418	-5.3%	$1.0311
SOL/USDT (16:49 UTC)	$81.90	-5.9%	$81.34

The ETH/BTC ratio is the cleanest measure of ether's relative weakness. CryptoTicker, using CoinGecko data, put it at 0.0283 on Monday, its lowest since mid-July, and noted the last lower daily close was 0.0273 on July 14. Tuesday's dip to 0.02752 on Binance takes it closer still to that July level. Ether and the other large altcoins, XRP and SOL, are each down more than 5%, roughly double bitcoin's move, a typical pattern when risk appetite drains.

ETF outflows and a weak bid

Fund flows have been a steady headwind. US spot ether ETFs lost a net $184.6 million on November 9, led by BlackRock's ETHA at minus $119.3 million, according to Farside data republished by KuCoin News; SoSoValue, via crypto.news, puts the day at minus $184.51 million. That followed outflows of $99.9 million and $93.3 million on November 5 and 6, per CryptoTicker, so the streak is three trading days. SoSoValue data reported by Coinpaprika shows ether funds lost $365.3 million last week, a sixth straight negative week. Spot bitcoin ETFs shed $201 million on Monday as well, and CoinDesk says bitcoin funds are now down about $1.1 billion for 2026.

Corporate buying has not offset that. BitMine Immersion added 9,587 ETH last week, taking its treasury to 6,070,092 ETH, about 4.97% of supply, according to crypto.news. A purchase of roughly $20 million is small against nine-figure daily ETF redemptions.

What to watch next

The first test is whether $2,000 holds on a daily close; a decisive break would bring the $1,906 August low into view, which the $1,900 Polymarket contract already treats as more likely than not. Watch the next ETF flow prints for a fourth day of outflows, and ETH/BTC around 0.0273, the July 14 close. Further Fed commentary on the CPI print, including any talk of a 50 bp December hike, is covered in our CPI and Fed odds report. Perpetual funding, a gauge of leveraged positioning, is on our live crypto funding rates page.

Method and limits

Spot prices come from the Binance spot 24-hour ticker at 16:49 and 16:54 UTC; the August 19 comparison uses Binance daily candles. Polymarket figures are bid-ask midpoints from the public Gamma API at 16:52 UTC, and thin books can move several points on small trades. "Dip to" contracts resolve on whether the price trades at that level at any time in November, as described in our guide to how prediction markets resolve. ETF flows are from Farside and SoSoValue as reported by the outlets named. Prices are not forecasts by BetG8 and nothing here is investment advice.

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