Ethereum closes October with double‑digit loss: ETF outflows exceed $1.3 billion
Ethereum is preparing to finish October with a steep decline. The cryptocurrency, which has lost 13.4% since the start of the month, is also drawing attention to the cash outflows from U.S. spot Ethereum ETFs. While the price struggles to hold around $2,300, if the current trend holds, October could become one of the worst performances since 2018.
According to CryptoRank data, Ethereum gave back the 8.84% rise it had achieved in September in October. The cryptocurrency fell 15.5% in October 2018. This year's monthly performance will be finalized with the closing on 31 October.
More than $1.3 billion exited from Ethereum ETFs
SoSoValue data shows that spot Ethereum ETFs listed in the United States experienced a net outflow of about $1 billion 346 million between 1 and 28 October. Of the 20 trading days in that period, 17 saw net outflows from the funds.
Selling pressure in the funds continued into the last days of the month. On 26 October, a net outflow of $88.58 million occurred; on 27 October, $60.22 million; and on 28 October, $21.41 million. Thus, the three‑day total outflow reached $170.21 million.
On the final trading day, different movements were also observed among the funds. While $44.83 million exited from BlackRock's ETHA fund, $18.78 million entered Fidelity's FETH fund, $3.62 million entered Grayscale's small‑scale Ethereum fund, and $1.02 million entered Morgan Stanley's MSSE fund. These inflows only offset a portion of the outflow from the BlackRock fund.
The total net asset value of spot Ethereum ETFs stood at $14.27 billion as of 28 October. However, this figure is affected by both changes in Ethereum prices and by money flowing into and out of the funds.
The $2,400 Threshold Comes to the Forefront in Ethereum
Ethereum fell to about $2,293 in the last 24 hours before rebounding above $2,300. Yet the price has not settled above the roughly $2,392 level seen during the same period.
Analyst Ted Pillows sees the $2,400 level being breached again as one of the first significant signs of recovery in Ethereum. The price remaining below this threshold signals that the short‑term rally has yet to demonstrate the expected strength.
Month‑End Close Will Be Decisive
As October draws to a close, investors are monitoring both cash flows in ETFs and Ethereum's critical price levels. While a slowdown in fund outflows alone does not signal a positive reversal, whether the price will break above $2,400 is also closely watched.
According to the latest data in the story, Ethereum trades around $2,324 and has lost 1.70% in the last 24 hours. The definitive outcome of the monthly performance will be clear with the October 31 close.
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