16% October decline for Ethereum as ETF outflows reach record $1.61B

$2,250: Ethereum price today

• 16% was Ethereum's loss for October. ETH ETFs posted $1.61 billion in outflows, marking their worst month since launch.
• The continuing bull market explains ETH's muted response to the Binance hack, according to BitMine's Thomas Lee.
• The $2,204-$2,256 support zone is being tested by ETH.

$2,200 remains below Ethereum's (ETH) price on Monday. The token is trading just above that level following last week's Binance hack and record October outflows from US spot ETH exchange-traded funds (ETFs).

​$1.61 billion outflow marks ETH ETFs' worst month since launch

A three-month winning streak ended in October as Ethereum lost 16.06%, Coinglass data show. The leading altcoin also recorded a negative October return for the third consecutive year.

SoSoValue data put monthly outflows from US spot ETH ETFs at $1.61 billion, the largest since their July 2024 launch, preceding the price decline. Only three days in October registered inflows, all modest. Bitcoin (BTC) ETFs, by comparison, recorded net outflows of $515 million over the month.

Alongside the fund withdrawals, the $6.3 billion exploit at Binance carried out by North Korean hackers last Thursday weighed on ETH's performance last month. The incident briefly sent its price below $2,200 and triggered more than $400 million in futures liquidations.

4% ETH decline after Binance hack reflects bull market, says BitMine's Tom Lee

Despite the hack, ETH has proved resilient, according to Thomas Lee, Chairman of crypto treasury firm BitMine Immersion Technologies (BMNR).

"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," Lee said in a statement issued on Monday.

As a comparison, Lee pointed to DPRK's February 2025 cyberattack on ByBit, which stole $1.5 billion in user funds. ETH lost 8% on the announcement day and 20% within a week, he noted.

"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.

Lee attributed the contained losses to several factors: Binance's substantial reserves to cover losses, no repeat of the DeFi cascade that followed the Bybit theft, swift industry efforts to freeze assets, and the continuing "bull market."

After buying 8,537 ETH last week, BitMine now holds 6.06 million ETH. The company is roughly 50K ETH short of its target of owning 5% of Ethereum's circulating supply.

$2,204-$2,256 support under test: Ethereum technical outlook

Trading below its 20-, 50-, and 100-day Exponential Moving Averages (EMAs), at $2,359, $2,415, and $2,346 respectively, ETH retains a bearish short-term bias on the daily chart. Consolidation following the recent retreat remains fragile, with the price close to the $2,256 horizontal pivot. Momentum indicators also favour the downside: the 14-day Relative Strength Index (RSI) is around 33, while the Stochastic Oscillator (Stoch) is near 23. Both remain in bearish territory despite a modest recovery from oversold conditions, indicating that downward pressure still dominates.

The first resistance cluster spans the 100- and 20-day EMA levels and the $2,355 horizontal barrier, with the 50-day EMA next. Further upside hurdles stand at $2,548, $2,636, $2,781 and $3,075. Support is currently being tested in the $2,204-$2,256 range, followed by a more significant floor at $2,107. A break beneath that floor would bring the next downside targets of $1,971 and $1,827 into view.

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