Estrogen receptor-positive (ER+) breast cancers frequently remain dependent on ER signaling even after acquiring resistance to endocrine agents, prompting the development of optimized ER antagonists. Fulvestrant is unique among approved ER therapeutics due to its capacity for full ER antagonism, thought to be achieved through ER degradation. The clinical potential of fulvestrant is limited by poor physicochemical features, spurring attempts to generate ER degraders with improved drug-like properties. We show that optimization of ER degradation does not guarantee full ER antagonism in breast cancer cells; ER “degraders” exhibit a spectrum of transcriptional activities and anti-proliferative potential. Mechanistically, we find that fulvestrant-like antagonists suppress ER transcriptional activity not by ER elimination, but by markedly slowing the intra-nuclear mobility of ER. Increased ER turnover occurs as a consequence of ER immobilization. These findings provide proof-of-concept that small molecule perturbation of transcription factor mobility may enable therapeutic targeting of this challenging target class. Display omitted •Drug candidates optimized for ER degradation can weakly activate ER in cancer cells•“ER degraders” trigger interaction of ER with DNA at canonical binding sites•Impact on chromatin accessibility distinguishes ER antagonists from weak activators•Dramatic slowing of ER mobility drives ER antagonism, and precedes ER turnover Ligands that limit estrogen receptor mobility exhibit superior anti-proliferative capacity compared to those aimed solely at promoting ER degradation, pointing to a distinct approach for developing treatments for ER+ breast cancer.