Ethereum Falls to Its Worst October Since 2018
U.S. spot ETFs saw $1.35 billion in outflows, while old wallets moved more than 56,000 ETH to Coinbase and Kraken.
Key Takeaways
- Ethereum is on track for its weakest October since 2018, with a 13.6% drop this month.
- Old wallets moved more than 56,000 ETH between October 5 and 29, often directly to Coinbase or Kraken.
- U.S. spot Ethereum ETFs saw about $1.35 billion in net outflows through October 28, while Bitcoin ETFs posted inflows.
Ethereum is on track for its weakest October since 2018. The price is down 13.6% so far this month, while U.S. spot ETFs lost billions in assets at the same time and old wallets started sending ETH back to exchanges.
Old Wallets Get Active
On-chain data showed more than ten large transfers between October 5 and 29 from wallets that had been dormant for years. Together, those addresses moved about 56,000 ETH. Four of the five biggest transactions went directly to Coinbase or Kraken, suggesting the coins were ready to be traded.
The biggest move came on October 5, when one wallet sent 13,330 ETH, worth about $36.37 million (€32.7 million), to Coinbase. According to earlier blockchain data, the owner had already bought 170,000 ETH in the 2015 ICO for $0.31 (€0.28) each. Three days later, pinosaur.eth unstaked 9,618 ETH and sent it to Kraken. Wallets reportedly linked to the Ethereum Foundation also moved about 14,770 ETH across three different days.
ETF Money Keeps Flowing Out
The selling pressure came alongside continued outflows from U.S. spot Ethereum ETFs. Through October 28, those funds posted net outflows on 17 of the 20 trading days, totaling about $1.35 billion (€1.2 billion). That is the second-largest monthly outflow ever, just below November 2025.
The worst day was October 6, when $201.89 million (€181 million) left the funds. According to the market data provided, BlackRock's iShares Ethereum Trust was by far under the most pressure in the week of October 12 through 16, with $477.1 million (€429 million) out of a total $542.2 million (€487 million) in outflows that week. At the same time, Bitcoin ETFs saw inflows, showing that investors were leaning more toward Bitcoin than Ethereum during that period.
What This Means for Investors
For European crypto followers, the key point is that Ethereum was not only dealing with weaker price action, but also with less demand through regulated investment products. On top of that, network activity fell according to the data provided, with lower total value locked and fewer active addresses. That makes the coming weeks important for anyone watching the mix of ETF flows, on-chain behavior, and confidence in ETH.
ETH was trading around $2,328.57 at the time of publication. Analysts are now mainly watching $2,400 (€2,160) as the first sign of a recovery, while a drop below $2,295 (€2,060) could shift attention to lower levels. An additional technical signal points to $2,155 (€1,940) as a possible next level, with $2,000 (€1,800) below that as another area to watch.
