Ethereum risks slipping toward $2,300 as significant capital continues to exit US spot ETH exchange-traded funds ahead of the Federal Reserve’s upcoming policy announcement. Even as Bitcoin ETFs see renewed investor demand, Ethereum funds experienced another week of net withdrawals, highlighting a notable divergence in institutional sentiment toward the two major cryptocurrencies.
Ethereum ETF outflows accelerate, Bitcoin attracts inflows
Based on recent figures from Farside Investors, Ethereum funds recorded $103.3 million in net outflows on October 19, led by $95.4 million withdrawn from BlackRock’s ETHA product. This marks the fourth consecutive session of negative flows for Ethereum ETFs, with cumulative redemptions totaling roughly $362.8 million from October 14 to 19.
Over the prior week, ETH funds also saw $320.1 million in outflows between October 12 and 16. Additional withdrawals from Fidelity’s FETH and Grayscale’s ETHE, at $6 million and $1.9 million respectively, contributed to the total losses.
While ETH funds saw mounting redemptions, Bitcoin ETFs benefited from robust inflows during the same period, collecting $526.7 million on October 19 alone. This resulted in a striking divergence of over $630 million between the two asset classes, as institutional investors continued to favor Bitcoin amid shifting market conditions.
The latest selloff previously pushed Ethereum below the key $2,500 level. Rising US bond yields and widespread liquidations have also weighed on crypto valuations, constraining ETH’s recent price recovery.
Ethereum ETFs have registered back-to-back outflows, whereas Bitcoin products have attracted renewed inflows, underlining a clear shift in institutional preference.
Bitmine accumulates more ETH, approaching 5% supply mark
Despite the negative trend in Ethereum ETFs, Bitmine Immersion Technologies has intensified its accumulation. In an update filed with the SEC on October 19, the company confirmed acquiring an additional 12,535 ETH, taking its total holdings to 6,041,481 tokens. Bitmine now controls about 4.9% of Ethereum’s circulating supply, with most of its tokens already staked.
However, the value of Bitmine’s assets dropped from $16.2 billion to $15.1 billion in a single week as overall market prices declined, underscoring how falling valuations can offset the impact of ongoing purchases. The company has signaled that its 5% supply target is near, which could affect the pace of future accumulation, though it has not specified when buying might pause.
Bitmine’s rapid accumulation has made it the largest publicly traded ETH treasury holder, but its progress toward a 5% supply share adds uncertainty about whether this buying trend will continue.
Technical outlook and trader strategies amid Fed uncertainty
For traders monitoring ETH’s short-term direction, the $2,350–$2,370 range remains a critical technical zone. A solid move below this level could open the door to further downside, potentially bringing $2,300 into focus if ETF outflows persist and financial conditions tighten as the Federal Reserve prepares for its October 28 decision.
If Ethereum can recover and close above $2,500, analysts identify $2,600 as a likely next resistance, with $2,700 possible if positive momentum returns. However, these are conditional scenarios, not guaranteed targets, given the ongoing macroeconomic pressures.
Volatility in the broader market continues to be shaped by central bank policies, persistent inflation risk, and high Treasury yields, which complicate efforts by ETH to mount a sustainable recovery.
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