Ethereum Heads For Worst October Since 2018 As Early Whales Wake Up

What Happened

The whale transfers landed while ETF investors were also pulling back. US spot Ethereum ETFs posted net outflows on 17 of October’s 20 trading days through October 28, per SoSoValue.

Market Context

The price has dropped 13.6% this month so far. That puts Ethereum on course for its weakest October since 2018.

That leaves October about $78 million short of the record, with 2 trading days left. The heaviest single day came on October 6, when $201.89 million left the funds.

ETH traded at $2,328.57 at press time, down 0.95% over 24 hours, per BeInCrypto Markets. The asset closed 7 of its previous 11 Octobers higher, per CryptoRank. Its last deeper October drop came in 2018, at 15.5%.

Why It Matters

With fund money leaving and old coins reaching exchanges, analysts have turned to support levels. Ted Pillows expects one more drop.

He added that reclaiming $2,400 would be the first major sign of strength. More Crypto Online expects another leg down while ETH stays below $2,522. A break under $2,295 would be the first sign, with support from $2,207 to $1,725.

Traders will likely watch whether ETF outflows slow and whether ETH holds above $2,295.

Details

Ethereum (ETH) is losing support from new money and old money at the same time this October. US spot ETFs have shed about $1.35 billion, while wallets dormant for years moved over $140 million in ETH.

Wallets From Ethereum’s First Days Start Moving Again

On-chain analytics platforms flagged over 10 large transfers from long-idle wallets between October 5 and 29. Together, they moved about 56,000 ETH.

Four of the 5 largest went straight to Coinbase or Kraken.

The largest came on October 5, when one wallet sent 13,330 ETH, about $36.37 million, to Coinbase. Its owner reportedly bought 170,000 ETH in the 2015 ICO at $0.31.

Three days later, Lookonchain reported that pinosaur.eth unstaked 9,618 ETH and deposited it to Kraken. Separately, wallets reportedly linked to the Ethereum Foundation moved about 14,770 ETH on 3 separate days.

The latest move came on October 29. A wallet idle for 3 years sent its full 2,119 ETH balance to Coinbase.

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An exchange deposit leaves coins ready to sell, though on-chain data cannot show whether a sale followed.

ETF Money Kept Walking Out of Ethereum All October

The month’s total reached about $1.35 billion, the second-largest monthly outflow on record. Only November 2025 saw more, at $1.42 billion.

The Levels Ethereum Needs to Hold Into November

ETH fell in 6 of 11 Novembers, with a median loss of 5.18%, per CryptoRank. However, the November average reads +4.28%.

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The post Ethereum Heads for Worst October Since 2018 as Early Whales Wake Up appeared first on BeInCrypto.