ETH took a brutal tumble this October after that quick lil pump at the start 🖤 tanking over 16% in total. A huge chunk of the damage came from those ETF outflows smashing all-time highs with over $1.61 billion vanishing from the funds rn.
ETH Crashed Hard Last Month 🦇
Just like bitcoin the top altcoin rolled into October after three solid months of gains. From the July low near $1,500 it bounced big ending July up 18.52%. Mid-August delivered a breakout pushing it 32.60% higher then September added another 8.79% to the streak.
October kicked off with a small push toward the $2,800 level but the rejection there hit different and price slid straight to $2,400 in a week. The next rebound stalled at $2,560 before another drop to $2,300 on the 15th after CPI and PPI dropped. Bulls tried one more surge to $2,520 on the 21st yet it flopped and ETH nosedived again. The real knife came on the 30th after that massive binance hack sending it to a two-month low at $2,150 💀.
Even with a tiny recovery to $2,250 by month end it still closed down 16.06%. Worse this drop wasnt even top three for the year since it already fell 21.69% in June 19.63% in February and 17.59% in January.
November has already been wild for ETH with most years posting double-digit swings except 2015 and 2021. Biggest moves were that 59% pump in 2020 and the 43% crash in 2018 🌙.
ETF Drama Killing The Vibe? 🕸️
Besides the inflation numbers and that binance hack the ethereum ETFs were a major villain here. SoSoValue data shows investors yanked $1.61 billion in October the biggest single month outflow since launch. Last November was the old record at $1.42 billion.
Funds only saw three green days all modest like $24.84 million on the 13th $14.96 million on the 21st and $4.35 million on the 23rd. Cumulative inflows fell from $13.89 billion end of September down to $12.29 billion by October close.
Just another echo from the void by iconofsin.eth 💖
