Ethereum’s Old-Wallet Comeback Has $ETH Heading for a Historic October Exit 🐋

Ethereum (ETH) is on course for its weakest October since 2018 after falling 13.6% so far this month, with US spot ETFs recording approximately $1.35 billion in net outflows. ETH traded at $2,328.57 at press time, down 0.95% over 24 hours, according to BeInCrypto Markets.

Long-dormant wallets are also returning to the market. On-chain analytics platforms flagged more than 10 large transfers from inactive wallets between October 5 and 29, involving about 56,000 ETH. The largest transfer came on October 5, when a wallet sent 13,330 ETH, worth about $36.37 million, to Coinbase. Its owner reportedly bought 170,000 ETH in the 2015 ICO at $0.31.

Three days later, Lookonchain reported that pinosaur.eth unstaked 9,618 ETH and deposited it to Kraken. Wallets reportedly linked to the Ethereum Foundation moved about 14,770 ETH on 3 separate days, while a wallet idle for 3 years transferred its full balance of 2,119 ETH to Coinbase on October 29. An exchange deposit does not confirm a sale.

US spot Ethereum ETFs posted net outflows on 17 of October’s 20 trading days through October 28, according to SoSoValue. The largest single-day outflow occurred on October 6, when $201.89 million left the funds. October’s total was about $78 million short of the record $1.42 billion monthly outflow recorded in November 2025, with 2 trading days remaining.

Analysts have identified several levels for ETH. Ted Pillows said, “$ETH looks like it wants to dump more. No strong buying, and every support zone is getting lost. IMO, Ethereum could revisit the $2,200 level soon, which will most likely be the bottom zone.” He added that reclaiming $2,400 would be the first major sign of strength. More Crypto Online expects another decline while ETH remains below $2,522, and said a break under $2,295 would add further pressure.