Why is Ethereum price down today, November 9?

Ethereum price has fallen more than 4% over the past 24 hours as leveraged traders faced heavy liquidations and continued institutional fund withdrawals added pressure to an already weak cryptocurrency market. Ethereum price fell more than 4% as leveraged long liquidations intensified selling across cryptocurrency derivatives markets. Ethereum traders faced $462 million in liquidations, with long positions accounting for most losses. U.S. spot Ethereum ETFs recorded $365.2 million in withdrawals during the November 2–6 trading week. Lookonchain reported liquidation of a 56,667 ETH long position after the trader previously reduced exposure.