The Ethereum price was under $2,400 on Tuesday afternoon, trading at $2,392.80 on Bitstamp, down $45.20 or 1.86% over 24 hours. That extends a month in which ETH has given up 9.33% and leaves the network capitalized at $291.43 billion.
Ether exchange-traded funds have been selling into that decline for the better part of three weeks. The eleven US spot products lost $103.28 million on 19 October alone, according to SoSoValue, and have given back $413.46 million across the past 30 days while Bitcoin funds took in $2.24 billion.
Ethereum Price Fell to $2,392 After Losing 9.33% in a Month
The slide has not erased the quarter’s gains, which is the part the monthly Ethereum price figure hides. ETH is still 23.70% higher across three months and marginally positive over six at 0.46%, so the drawdown sits inside a longer recovery rather than on top of a collapse. The year is a different picture, with the Ethereum price down 19.57% since January and 40.10% over twelve months.
Leverage is stacked close on both sides of the current Ethereum price, within roughly 5% either way. A break below $2,279 could trigger up to $801 million in long liquidations on major centralized exchanges, while a move above $2,517 could force up to $727 million of short covering, so the band between those levels is where the positioning risk is concentrated.
One month of the Ethereum price, down 9.33% to $2,392.80 while Ether ETFs ran a sustained outflow. Source: TradingViewEther Funds Shed $320.1 Million in the Week While Holding a Seventh of Bitcoin’s Assets
The week to 16 October took $585.5 million out of US crypto ETFs on Farside Investors data, split as $320.1 million from Ether, $228.4 million from Bitcoin and $25.5 million from Solana, as FinanceFeeds set out on Friday’s session. FXStreet put the same week at about $320 million for Ether and $229 million for Bitcoin, calling it Ether’s third straight bearish week, a run that has tracked the Ethereum price lower over the same stretch.
The size difference between the two fund complexes is what makes that split notable. Ether products hold $14.77 billion against $105.46 billion in Bitcoin funds, per SoSoValue’s cross-asset table, so a seventh of the assets produced a larger dollar outflow. Measured against what each complex holds, Ether lost roughly ten times the proportion Bitcoin did, which is the clearest read on why the Ethereum price has lagged.
Six of seven sessions in red for Ether ETFs, with only 13 October positive, net assets down to $14.77 billion and the Ethereum price falling alongside. Source: SoSoValueInvestor Takeaway
The Ethereum price holding just under $2,400 while Ether ETFs ran a sustained outflow shows fund redemptions have not yet forced a break of the range.
Bitcoin Took $526.7 Million on Monday While Ether Gave Back $103.3 Million
Flows diverged sharply at the start of this week in a way the weekly totals had masked. Bitcoin funds pulled in $526.7 million on 19 October with BlackRock’s IBIT taking $665.2 million, the strongest daily figure since late September, while Ether products lost $103.3 million and Solana shed $6.7 million.
BlackRock sat on both sides of the divergence within a single trading session. Its ETHA accounted for $95.4 million of the Ether outflow, with Fidelity’s FETH at $6 million and Grayscale’s ETHE at $1.9 million, and Ether funds have now given up about $362.8 million since 14 October. That run began the session after a 15 October print that already marked an extended streak, and it follows the $1.25 billion week that preceded it. Ether funds had already been leading Bitcoin on October redemptions before any of this, at $578.9 million against $407.4 million through 9 October.
BitMine Bought 12,535 ETH in the Week the Funds Sold $320.1 Million
One corporate buyer worked against the tape through the whole of that week. BitMine Immersion Technologies added 12,535 ETH over the week and now holds 6,041,481 ETH, about 4.9% of the 122.1 million supply, the company said on Monday using a $2,365 reference price. That follows the 12,532 ETH it bought the week before.
Chairman Tom Lee acknowledged the backdrop rather than arguing with it, saying “the risk appetite of investors contracted in the past few weeks” while calling the firm’s record of consistent buying “unmatched by any public company in the world.” The position is mostly working capital, with 5,067,309 ETH staked at a 2.58% seven-day yield for about $309 million of projected annual revenue, against total crypto, cash and marketable securities of $15.1 billion, a figure that moves with the Ethereum price week to week.
Investor Takeaway
BitMine adding 12,535 ETH while Ether funds redeemed $320.1 million sets a single corporate buyer against the entire ETF channel, and the ETF channel is far larger in dollar terms.
JPMorgan Put JPM Coin on Ethereum as Schwab Opened Retail Access
Institutional use of the network moved in the opposite direction to the fund flows. JPMorgan is extending its JPM Coin deposit token to Ethereum for institutional clients, a step the bank tied to the network’s liquidity and tokenized asset ecosystem, with Kinexys Labs global head Emma Landriault naming those as the reason. Kinexys has processed more than $4 trillion since 2020.
Retail access widened at the same time, with Charles Schwab opening spot Bitcoin and Ether trading to eligible US clients at 0.75% a trade. Neither development has shown up in the Ethereum price yet, and both describe demand that arrives through channels the ETF flow tables do not capture.
