Ethereum declined 18% in Q4 compared to Bitcoin's 9.41% loss, with the ETH/BTC ratio falling 7% this week and breaking below the 0.36 level that held through October. Whales accumulated 394,682 ETH worth $1.37 billion on November 4 when prices dropped to $3,000, establishing an average cost basis of $3,488. Ethereum Open Interest has decreased $30 billion since mid-October, exceeding Bitcoin's $24 billion decline and indicating a deeper leverage flush.

Digital asset markets recorded approximately $500 million in capital outflows this week as Bitcoin fell below $100,000 and the TOTAL2 index declined 9%. While bearish momentum dominated, targeted inflows into Zcash and Solana ETFs indicate investors are reallocating rather than exiting entirely. Derivatives markets saw nearly $4 billion in losses since early November, with 77% attributed to long position liquidations.

Bitcoin investors are increasingly taking short positions in Ethereum as a hedging strategy. Ethereum has underperformed Bitcoin by 50% in Q4, prompting traders to favor Bitcoin's structural stability over altcoin exposure. The approach reflects shifting market dynamics as institutional narratives around Ethereum weaken.

Solana spot ETFs recorded $199 million in net inflows across their first four trading days, led by Bitwise and Grayscale products. Bitcoin ETFs experienced $799 million in outflows during the same period, with BlackRock's IBIT accounting for over half the decline. Despite the contrasting flows, on-chain metrics show Solana's momentum remains approximately four times weaker than Bitcoin's in Q4.

Ethereum has held support at $3,680 through four tests since a recent market decline, each producing approximately 17% rebounds. Data show staked ETH carries an MVRV ratio of 1.7 compared to 1.5 for circulating supply, reflecting roughly 20% more unrealized profit among stakers.

Bitcoin gained 1.23% in October, trading 7% below levels needed to fully recover from mid-month losses. A single address accumulated 2,772 BTC worth approximately $309 million on October 26, bringing the entity's estimated average acquisition price to $111K. On-chain data show 91% of circulating supply now sits in profit, with short-term holder cost basis rising above $113K.

Ethereum approaches $4,000 amid shrinking spot inflows and rising leverage ratios on derivatives platforms. Data show an 8% decline to $3,400 between October 6 and October 13 failed to attract significant recovery buying. Concentrated liquidation orders between $3,800 and $4,000 create heightened volatility risk as the asset tests key resistance.

Bitcoin's path to $160,000 depends on three factors: September's 3% core inflation, institutional long positions exceeding $300 million, and capital flows from traditional assets. The Federal Open Market Committee decision in four days will determine whether bullish targets hold.