Ethereum (ETH) is experiencing simultaneous outflows from institutional and early investors this October. US spot ETFs have withdrawn approximately $1.35 billion, while wallets dormant for years have moved over $140 million in ETH. The price has declined 13.6% for the month, putting the asset on course for its worst October since 2018.
Early Ethereum Wallets Move Holdings to Exchanges
On-chain analytics platforms identified over 10 large transfers from long-idle wallets between October 5 and 29, collectively moving about 56,000 ETH. Four of the five largest transfers went directly to Coinbase or Kraken.
The largest transfer occurred on October 5, when one wallet sent 13,330 ETH to Coinbase. That wallet reportedly acquired 170,000 ETH during the 2015 ICO at $0.31 per token. On October 8, another wallet unstaked 9,618 ETH and deposited it to Kraken. Wallets reportedly linked to the Ethereum Foundation moved approximately 14,770 ETH across three separate days. The latest activity came on October 29, when a wallet dormant for three years transferred its full 2,119 ETH balance to Coinbase.
Exchange deposits indicate coins are ready for sale, though on-chain data cannot confirm whether actual sales occurred.
ETF Outflows Dominate the Month
US spot Ethereum ETFs posted net outflows on 17 of October's 20 trading days through October 28. The month's total outflows reached approximately $1.35 billion, marking the second-largest monthly outflow on record. November 2025 remains the largest with $1.42 billion. The heaviest single-day outflow came on October 6, when $201.89 million left the funds.
Price Movement and Historical Context
ETH traded at $2,328.57 at press time, down 0.95% over 24 hours. Ethereum closed higher in 7 of its previous 11 Octobers. Its last comparable October decline occurred in 2018, with a 15.5% drop.
Support Levels in Focus
Analysts have identified key support levels as both fund withdrawals and whale activity continue. One analyst expects further declines, with $2,200 identified as a potential bottom zone and $2,400 as a level that would signal strength recovery. Another analysis suggests support zones ranging from $2,207 to $1,725.
Historical data shows ETH fell in 6 of 11 Novembers with a median loss of 5.18%, though the November average return is positive at 4.28%. Traders are monitoring whether ETF outflows stabilize and whether Ethereum holds above $2,295.
