Ethereum Plunges 16% in October, ETF Outflows Hit Record $1.6B

Ethereum limped out of October with a 16.06% loss, closing the month at $2,250. The drop followed a failed push toward $2,800 early on and a punishing sell-off that bottomed at a two-month low of $2,150 on October 30. That plunge came right after a massive Binance hack rattled the market, according to CryptoPotato. A slight rebound into month's end couldn't erase the damage.

The ETF bleed was historic. According to SoSoValue, investors yanked $1.61 billion from Ethereum ETFs in October — the largest monthly net outflow since the funds launched. The previous record was $1.42 billion in November of last year. Only three days saw inflows: $24.84 million on October 13, $14.96 million on October 21, and $4.35 million on October 23. Cumulative net inflows shrank from $13.89 billion at September's end to $12.29 billion a month later.

The price action was a rollercoaster. After rejection at $2,800, ETH tumbled to $2,400 within a week, then bounced to $2,560 before dropping to $2,300 on October 15 following September's CPI and PPI data. Bulls made another run to $2,520 on October 21, but it fizzled. The Binance hack days later triggered the final leg down to $2,150.

As bad as October was, it wasn't even ETH's worst month this year. June took the crown with a 21.69% plunge, followed by February's 19.63% drop and January's 17.59% decline. Before October's rout, ETH had strung together three straight winning months: July surged 18.52%, August rocketed 32.60%, and September added 8.79% — all after bottoming at $1,500 in early July.

November has historically been a wild ride for Ethereum. Every November except 2015 and 2021 delivered double-digit moves, according to the report. The most extreme swings were a 59% surge in 2020 and a 43% plunge in 2018. Whether this November follows that volatile pattern remains to be seen.