Ethereum Faces Its Weakest October Since 2018 as New and Old Investors Pull Out

Ethereum (ETH) has lost support from both new and old money this October, with US spot ETFs draining about $1.35 billion and dormant wallets moving over $140 million in ETH. The price has fallen 13.6% so far, setting a course for the weakest October since 2018. On-chain analytics detected more than ten large transfers from long‑idle wallets between Oct. 5 and Oct. 29, totaling roughly 56,000 ETH. Four of the five largest moves went straight to Coinbase or Kraken, including a 13,330 ETH transfer (≈$36.4 million) from a wallet that originally bought 170,000 ETH in the 2015 ICO. The Ethereum Foundation also moved about 14,770 ETH across three days. Meanwhile, US spot Ethereum ETFs posted net outflows on 17 of October’s 20 trading days, with a total monthly outflow of $1.35 billion—only second to November 2025. Analysts warn that without strong buying, ETH could test the $2,200 support level soon, with a break below $2,295 indicating further weakness.