Ethereum fell 6% to around $2,220, with the price near that level on November 6, KuCoin reported, as the Glamsterdam upgrade delay and ETF withdrawals formed part of the market backdrop. Developers postponed the upgrade on the Hoodi testnet after security researchers identified potential risks to smart contracts, according to Crypto Economy.

The delay affects a testnet milestone rather than a mainnet change, and Ad Hoc News reported that mainnet users and ETH holders need take no action as a result. KuCoin also reported more than $210 million in ether liquidations and nearly $100 million in November 5 net outflows from U.S. spot Ethereum exchange-traded funds.

Glamsterdam upgrade delay and Hoodi timing

KuCoin reported that the Ethereum Foundation announced the Hoodi delay on November 6. Ad Hoc News reported an October 22 Foundation announcement that postponed an activation previously scheduled for October 26.

The October announcement cited a need to investigate how the proposed EIP-8037 changes interact with contracts already deployed on Ethereum, according to Ad Hoc News. The outlet reported that the postponement removed the scheduled Amsterdam execution-layer and Gloas consensus-layer activations from Hoodi, along with a planned increase of the testnet gas limit to 200 million.

Ad Hoc News reported that the change applies to the testnet configuration and does not alter its existing history. KuCoin reported that the Foundation had not announced a replacement activation date.

The Glamsterdam upgrade delay leaves a testing milestone unresolved, while Ad Hoc News reported that Ethereum's roadmap places Glamsterdam in development during the final quarter of 2026. The outlet described that roadmap as a development plan rather than a confirmed launch timetable.

Gas changes and contract risks

The issues behind the Glamsterdam upgrade delay involve EIP-8037 and EIP-8038, which would change gas accounting and may affect projects that rely on fixed gas-cost assumptions. KuCoin reported that the proposals adjust the costs of creating blockchain state and accessing existing state.

According to KuCoin, ChainSecurity found eight assumptions on which existing smart contracts may depend when transactions execute. Crypto Economy reported that the security firm's findings highlighted the possibility that those assumptions could break under Glamsterdam.

Some contracts expect failed operations to consume specific amounts of gas, KuCoin reported. Under the revised rules, additional gas could remain available, potentially allowing a transaction to continue where its developers expected a failure, the outlet reported.

The Ethereum Foundation said the postponement would give developers more time to find vulnerable contracts and consider whether protocol-level changes are needed, according to Crypto Economy. The outlet reported that Hoodi will remain on hold until the issues are understood and addressed.

ETF withdrawals and liquidations

According to KuCoin, nearly $100 million left U.S. spot Ethereum ETFs on a net basis on November 5. The outlet said BlackRock's ETHA had $75.2 million in outflows, while ETHB registered $22 million.

The November withdrawals followed a longer period of outflows. Ad Hoc News, citing Yahoo Finance, reported about $1.1 billion in net withdrawals from U.S. spot Ether ETFs over the three weeks through October 22.

Those withdrawals included $542.1 million from October 5 to 9, $320 million from October 12 to 16 and $225 million over four trading days from October 19 to 22, according to Ad Hoc News. The outlet reported that BlackRock's iShares Ethereum Trust accounted for about 93% of withdrawals during the cited period.

Ad Hoc News described ETF flows as an indicator of institutional demand but said they do not provide a one-to-one explanation for an individual ether price move. Separately, KuCoin reported that CryptoQuant data showed Ethereum derivatives open interest declining toward $11.4 billion from around $16 billion in late September.

Ether and wider market sell-off

The Glamsterdam upgrade delay came as ether traded below an earlier recovery toward $2,450, according to KuCoin. The outlet reported widespread selling across cryptocurrencies and U.S. technology stocks, with bitcoin also falling toward $75,500.

Citing CoinGlass, KuCoin reported that ether liquidations exceeded $210 million over 24 hours. Long positions accounted for about $179 million as leveraged traders faced forced closures, the outlet reported.

Asian stock losses deepened on Friday, November 6, as semiconductor shares fell across South Korea, Japan and Taiwan, according to KuCoin. The outlet reported that trading in South Korea was briefly suspended following an intraday KOSPI decline of more than 8%.

The KOSPI recovered some ground to finish 6.02% lower, while Japan's Nikkei 225 closed down 5.96% and Taiwan's TAIEX fell 4.51%, KuCoin reported. The outlet identified $2,350 and $2,450 as resistance areas for ether after the decline.

Reviews and the next testing step

The Glamsterdam upgrade delay has prompted additional security checks by developers and auditing firms ChainSecurity and Dedaub, KuCoin and Crypto Economy reported. The reviews will examine existing applications and whether the proposed changes need adjustments, according to KuCoin.

KuCoin reported that the Foundation published a GitHub repository explaining the eight affected assumptions. The outlet said its examples and testing instructions can help developers identify compatibility problems in their projects.

The Foundation requested feedback from smart contract developers, auditors and infrastructure providers, according to KuCoin. Crypto Economy reported that developers also called on contract developers and auditors to review their own applications.

Glamsterdam remains active on the Sepolia testnet even though Hoodi will not fork until developers better understand the affected projects, Crypto Economy reported. The outlet also reported that work on the subsequent Hegota upgrade continues independently of the Hoodi decision.

Conclusion

Ether's decline coincided with ETF withdrawals and a pause in Glamsterdam testing on Hoodi, though Ad Hoc News cautioned that fund flows do not explain individual price moves one for one. KuCoin reported that no replacement Hoodi activation date had been announced. The next concrete work is a review of existing applications and the proposed gas changes, with developers working alongside auditors and seeking feedback from the broader ecosystem. Crypto Economy reported that Hoodi will remain on hold until the identified issues are understood and addressed.

Frequently Asked Questions

Why was the Glamsterdam upgrade delayed on Hoodi?

Crypto Economy reported that developers postponed the Hoodi testnet upgrade after researchers found potential smart contract risks linked to gas-pricing changes. KuCoin said the concerns involve EIP-8037 and EIP-8038. According to Crypto Economy, Hoodi will remain on hold until the issues are understood and addressed.

When was Glamsterdam supposed to activate on Hoodi?

October 26 was the originally planned Hoodi activation date, Ad Hoc News reported, citing an October 22 Ethereum Foundation postponement. KuCoin later reported a November 6 Foundation announcement of the delay, with no new activation date announced.

How much did Ethereum ETFs lose on November 5?

KuCoin reported nearly $100 million in net withdrawals from U.S. spot Ethereum ETFs on November 5. It said BlackRock's ETHA accounted for $75.2 million in outflows and ETHB for another $22 million. Ad Hoc News cautioned that ETF flows do not establish a one-to-one explanation for any individual ether price move.

Is Glamsterdam still being tested on Sepolia?

According to Crypto Economy, the Hoodi pause does not extend to the Sepolia testnet, where Glamsterdam is already active. The publication said developers are assessing affected projects before proceeding on Hoodi, and that the separate Hegota development effort has not been interrupted.