Ethereum ends October down 16% as ETF outflows hit record $1.61B

Ethereum price today: $2,250

• Ethereum ended October with a 16% decline after ETH ETFs recorded $1.61 billion in outflows, their worst month since launching.
• BitMine's Thomas Lee attributes ETH's limited reaction to the Binance hack to the ongoing bull market.
• ETH is testing the $2,204-$2,256 support.

Ethereum (ETH) is hovering above $2,200 on Monday after last week's Binance hack and October's record outflows in US spot ETH exchange-traded funds (ETFs).

​ETH ETFs record worst month since launch

Ethereum ended October with a 16.06% decline, breaking a three-month gain streak, according to Coinglass data. Last month's drop also marked the top altcoin's third consecutive negative October return.

The decline follows US spot ETH ETFs' largest monthly outflow since launching in July 2024, totaling $1.61 billion, per SoSoValue data. The products only saw three positive days of minor inflows throughout October. In comparison, Bitcoin (BTC) ETFs saw $515 million in net outflows during the month.

Coupled with the outflows, the $6.3 billion Binance exploit by North Korean hackers last Thursday also impacted ETH's performance last month, briefly crashing its price below $2,200 and triggering over $400 million in futures liquidations.

BitMine's Tom Lee says bull market responsible for ETH's limited reaction to Binance hack

But crypto treasury firm BitMine Immersion Technologies (BMNR) Chairman Thomas Lee notes that ETH has held up well amid the hack.

"While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive, particularly compared to the market's response to prior sizable crypto thefts," said Lee in a Monday statement.

He highlighted that ETH fell 8% on the day of the announcement and 20% within a week after DPRK stole $1.5 billion in user funds in a February 2025 cyberattack on ByBit.

"By contrast, since the Binance theft was disclosed, ETH went down 4%. We believe this is a far more muted market reaction despite the size of the theft being approximately quadruple the size," Lee added.

He cited several reasons for the limited downside, including Binance's large reserve to cover losses, the absence of a DeFi cascade seen after the Bybit theft, quick industry action to freeze assets, and an ongoing "bull market."

BitMine purchased 8,537 ETH last week, bringing its holdings to 6.06 million ETH. That places the company roughly 50K ETH away from its goal of acquiring 5% of Ethereum's circulating supply.

Ethereum technical outlook: ETH tests $2,204-$2,256 support

On the daily chart, ETH maintains a bearish near-term tone as it holds below the 20-, 50-, and 100-day Exponential Moving Averages (EMAs) at $2,359, $2,415, and $2,346, respectively. Price is hovering near the horizontal pivot at $2,256, highlighting a fragile consolidation after the recent pullback, while the 14-day Relative Strength Index (RSI) around 33 and the Stochastic Oscillator (Stoch) near 23 remain in bearish territory, suggesting downside pressure remains dominant despite a modest rise from oversold conditions.

On the topside, immediate resistance is clustered between the 100- and 20-day EMA and the horizontal barrier at $2,355, followed by the 50-day EMA. Above these, higher hurdles emerge at $2,548, $2,636, $2,781 and $3,075. On the downside, ETH is testing the $2,204-$2,256 support range, ahead of a more meaningful floor at $2,107. A break lower would expose the next bearish objectives at $1,971 and $1,827.

(The technical analysis of this story was written with the help of an AI tool. Know more.)