Ethereum Faces Worst October Since 2018 Amid Resurgence of Dormant Wallets

Ether is losing support from both new and old investors simultaneously. Since the beginning of October, the price has fallen by 13.6 percent, marking the worst October for the asset since 2018.

From October 5 to 29, analytical platforms recorded more than 10 large transfers from long-dormant wallets totaling about 56,000 ETH. Four out of the five largest transfers went directly to Coinbase or Kraken. The largest occurred on October 5: a wallet sent 13,330 ETH, approximately $36.37 million, to Coinbase. According to Lookonchain, the owner purchased 170,000 ETH during the ICO in 2015 for $0.31. Three days later, pinosaur.eth unstaked 9,618 ETH and sent them to Kraken. Separately, wallets presumably linked to the Ethereum Foundation moved about 14,770 ETH over three days. The last transfer occurred on October 29: a wallet inactive for three years sent all 2,119 ETH, approximately $4.99 million, to Coinbase. A deposit on the exchange leaves the coins ready for sale, but on-chain data does not show whether a sale followed.

ETF Outflows

ETFs also reduced their investments. According to SoSoValue, U.S. spot ETFs on ether showed net outflows on 17 out of 20 trading days in October up to October 28. The total outflow reached about $1.35 billion, the second-largest monthly outflow in history. The only larger outflow was in November 2025 – $1.42 billion. About $78 million short of the record, two trading days remain. The toughest day was October 6: $201.89 million left the funds.

At the time of publication, ETH was trading at $2,328.57, down 0.95 percent for the day. According to CryptoRank, ether closed 7 out of the last 11 Octobers with gains. The last deeper October drop was in 2018 – 15.5 percent.

Levels by November

Amid the outflow of funds and old coins on exchanges, analysts are looking at support. Ted Pillows expects another drop and believes ether could return to $2,200, which is likely to be the bottom zone. A return above $2,400 would be the first major sign of strength, he noted. More Crypto Online anticipates another downward move as long as ETH remains below $2,522. A break below $2,295 will be the first signal, with support from $2,207 to $1,725.

According to CryptoRank, ETH fell in 6 out of 11 Novembers with a median drop of 5.18 percent, but the average November return is plus 4.28 percent. Traders will be watching to see if ETF outflows slow and if ETH holds above $2,295.