Ethereum Lost 16.1% in October: Second Worst Month Since 2016

October became the second worst month for Ethereum holders since 2016, with the coin losing 16.1% of its value. The decline ended a three-month growth streak—July saw +18.5%, August +32.5%, September +8.84%—and took away a significant portion of the summer gains. At the time of publication, Ethereum was trading around $2,288.

Statistics and November

According to CryptoRank, Ethereum fell more sharply in October only in 2016, by 16.7%; the third deepest decline was in 2018, −15.5%. Five out of ten months ended with a decline, with the deepest drops in January (−17.7%), February (−19.6%), and June (−21.8%). November statistics are mixed: since 2016, five such months closed with growth and five with a decline. After the disastrous Octobers in 2016 and 2018, the rate in November fell by another 21.6% and 42.5%.

Bitcoin and Altcoins

According to CryptoDiffer, Bitcoin fell to $77,600 by the end of October, losing 7.2% for the month—the third negative October since 2016, the second in a row, and the worst in ten years. A 4.1% decline occurred on October 29 when Binance suspended withdrawals due to a $6.3 billion hack. Altcoins suffered more: XRP −16%, SOL −19.1%, DOGE −20%, SUI −22.8%; HYPE and BNB −3.2% and −8.5%. Bitcoin has lost 11.5% since the beginning of the year, having risen only four times in November over nine years with a median change of −7.1%.

Funds and Participant Positions

From American exchange-traded funds, $1.61 billion was withdrawn from Ethereum in October—a record since its launch in July 2024. A trader under the pseudonym Ansem changed his forecast for Bitcoin and Ethereum to pessimistic: both coins broke the medium-term trend and may accelerate the decline below $82,000 and $2,400. Ethereum co-founder Joseph Lubin reminded of the network's strong points: neutrality, censorship resistance, self-custody of funds, and 11 years of uninterrupted operation. Vitalik Buterin announced a victory in the race for zero-knowledge proof speed: the ZKsync Airbender Prime system processed 99% of the 7,200 mainnet blocks in less than 10 seconds.