Ethereum (ETH) ETFs Post $1.61B October Outflows, Longest Streak Since 2024 Launch

US Spot ETFs Log 23 Straight Outflow Days

United States spot Ethereum (ETH) ETFs have gone more than five weeks without one day of net inflows. Flow records show no net-positive session since September 29, and by October 30 the run had reached 23 consecutive outflow days, the longest stretch since the funds launched in July 2024. October alone took about $1.61 billion out of the products, their largest monthly withdrawal since inception. The bleed carried into this month: another $85.35 million left the funds on November 3. One flow tracker logged a single $15 million net inflow on October 21, the only pause in an otherwise steady exodus. Tracking firms disagree on the margin, which is typical for daily flow aggregation, but the direction is not in dispute. The persistence of the redemptions sits oddly against a recovering chart. The Ethereum (ETH) price has gained roughly 6% this week and trades near $2,434 at the time of writing, up 7.6% over 24 hours, now testing the 0.618 Fibonacci retracement at $2,439. A November 4 post by trader Merlijn The Trader captured the tension, arguing that adoption has outpaced the tape: BlackRock tokenizes on Ethereum (ETH), stablecoins settle on it and Wall Street builds on it, yet the price still sat near $2,325 when the post went out. The flows explain the earlier rally as well. The August jump coincided with the largest inflow wave on record, several sessions above 70,000 ETH. That demand has now reversed, and no clear buyer has stepped in to replace it; a return to consistent daily creations would be the clearest sign that institutional appetite is recovering. Investors in the funds, who bought aggressively through the first year after launch, have sat out nearly every session of this quarter. Institutional demand, in short, has not confirmed the bounce.

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Active Addresses Sit 30% Below Spring Levels

Network data adds the caution behind the move. The 14-day moving average of active Ethereum (ETH) addresses fell to roughly 365,000 on October 17, its lowest reading since December 2025. It recovered only to about 375,000 and is drifting back toward that low. Measured against the spring range of 500,000 to 550,000, activity still runs 25% to 30% below baseline. The February 9 spike near 800,000 came during a sharp sell-off and likely reflected capitulation rather than organic use, so it says little about healthy demand. The more damaging reading is the divergence from price. Active addresses peaked near 470,000 in mid-August and declined throughout the August and September climb toward $2,800, meaning the rally proceeded without broad participation on the proof-of-stake mainnet. The metric counts mainnet addresses only, so Layer 2 activity is not captured, though it still explains why the advance looked fragile. Long-dormant whales moved more than $140 million in ETH during October, echoing the exchange-outflow pattern that preceded June's rebound. The chart gives bulls a narrow path. September's high cleared the spring high near $2,470, printing a higher high; a higher low at current levels would complete a local uptrend. The bounce came off a rising trendline near $2,200, and the full set of support and resistance levels is mapped in our Ethereum technical analysis. A daily close above $2,439 would open the upper Bollinger Band near $2,500 and then a resistance cluster at $2,920 to $2,950. A close below $2,200 would confirm a rising wedge breakdown and put $1,754, the strongest support with at least four tests since 2023, back in play. Analyst Ali Martinez separately flagged a TD Sequential buy signal on the 3-day chart. Macro has not argued for the bulls either: the ISM manufacturing index read 55.5 in October, a tenth straight month of expansion, yet ETH declined across the same stretch.

The squeeze is now measurable on both sides of the tape. Our composite scoring puts the nearest resistance at $2,453.24, scored 90 out of 100, with support at $2,389.67, scored 89 out of 100, sitting just under the market. Derivatives show no leveraged conviction either way: the perp funding rate stands at 0.0036% and open interest at $10.18 billion. Read together with the outflow streak and the address divergence above, the bounce is meeting the strongest resistance band on the chart without institutional sponsorship, in line with the caution across the wider Ethereum market. The picture changes if daily fund creations resume or active addresses reclaim their August high near 470,000. Until one of those happens, $2,389.67 is the level that matters.