Tuesday 27 Oct: $2,350.86 (+1.18%)
Wednesday 28 Oct: $2,359.59 (+0.37%)
Thursday 29 Oct: $2,252.89 (-4.52%)
Friday 30 Oct: $2,244.49 (-0.37%)
Saturday 31 Oct: $2,255.47 (+0.49%)
Sunday 1 Nov: $2,275.96 (+0.91%)
Monday 2 Nov: about $2,250 (about -1.1%)
Tuesday 3 Nov: about $2,280 (about +1.3%)
ETF flows
What it means
ETH closed at approximately $2,280 on 3 November, down approximately 1.9% from approximately $2,323 on 26 October.
The Binance hack on 29 October, which included approximately 200,630 ETH, caused the worst day of the window, -4.52%. On 30 October, ETH fell to approximately $2,170.
US spot ETH ETFs lost approximately $568.1M during the window. Their outflow streak reached seven days. Outflows in October reached approximately $1.61B, the worst month since launch.
BitMine added 8,573 ETH to reach 6,060,506 ETH, or approximately 4.96% of the total supply.
No new date was set for Glamsterdam on Hoodi after the 22 October delay.
Part of a seriesEther closed at about $2,323 on October 26 and closed at about $2,280 on November 3, a 1.9% decline. ETH rose for two days into the FOMC announcement on October 28. The $6.3B Binance hack hit the markets on October 29, including about 200,630 ETH. ETH fell 4.52% for the day, the worst day of the window, with the price reaching about $2,170 the next day. US spot ETH ETFs had outflows every trading day for about $568M and extended their outflow streak to seven days. The outflows for October totaled about $1.61B, the worst month since they launched. BitMine added 8,573 ETH, giving them about 4.96% of the total supply. The Ethereum Foundation has not set a new Glamsterdam date for Hoodi.
Prices are UTC day closes (Coinranking, matched with Binance and Bitfinex data via Twelve Data). Closes for 2 and 3 November are approximate.
ETFs: -$60.22M (ETHA -$93.28M, FETH +$28.58M, Grayscale ETH +$4.48M), the second straight day of outflows.
The highest close of the window. The Fed held rates at 3.75% to 4% in a 10-2 vote, with two members wanting a hike (Federal Reserve).
ETFs: -$21.41M (ETHA -$44.83M, FETH +$18.78M, Grayscale ETH +$3.62M, MSSE +$1.02M).
The worst day of the window. ETH was at about $2,313 at 20:15 UTC and hit about $2,251 by 21:05 UTC (CryptoTicker).
Binance hot wallets lost an estimated $6.3 billion in about 20 minutes. TRM Labs counted 200,630 ETH, 1.875B USDT and 823M USDC stolen on the Ethereum blockchain (CoinDesk). The attack employed EIP-7702 to access the hot wallets (CryptoTicker; Binance CEO Richard Teng). TRM Labs and Elliptic linked the attack to the TraderTraitor group of the North Korean regime. Tether and Circle froze about $3 billion of the stablecoins, but ETH cannot be frozen the same way.
ETFs: -$105.48M (ETHA -$71.68M, ETHB -$15.60M, ETHE -$15.54M, Grayscale ETH -$5.57M, FETH +$2.90M).
ETH dipped to about $2,170 intraday, the lowest during the window. Binance said it would make users whole. The crypto market liquidations surpassed $1.5 billion within 24 hours (The National).
ETFs: -$155.85M (ETHA -$76.64M, Grayscale ETH -$34.14M, ETHE -$21.51M, ETHB -$19.51M, FETH -$3.33M, MSSE -$0.72M). The week of 26 to 30 October lost about $432 million, the fifth consecutive week of outflows (SoSoValue).
Binance said it replaced 90% of the stolen funds. There is still no word on the rescheduling of Glamsterdam on Hoodi, which was postponed on 22 October due to EIP-8037 (CryptoTicker).
There were no flows for the ETFs during the weekend.
Binance said about 95% of the stolen funds have been replaced and restarted withdrawals in phases, including ETH (CoinDesk).
BitMine bought 8,573 ETH and currently holds 6,060,506 ETH, which is about 4.96% of the total ETH supply. 5,227,037 ETH is staked. It has $498 million in cash and other securities (The Block). Tom Lee said the market’s response to the hack was “relatively muted” and “very constructive.” According to Lee, ETH fell by about 4% after the hack, against 8% on the day the Bybit hack was announced.
ETFs: -$139.80M (ETHA -$138.31M, ETHB -$4.63M, MSSE +$3.15M).
It was US midterm election day and ETH fell to about $2,235 and then recovered (CryptoTicker).
ETFs: -$85.35M (ETHA -$74.44M, Grayscale ETH -$10.91M), the seventh day in a row of outflows.
27 October to 3 November: about -$568.1M. Cumulative net inflows are about $12.06B, and the net assets are about $13.32B, which is 4.76% of ETH’s total market cap (SoSoValue, 3 November). Lookonchain data shows that ETHA shed about 580,145 ETH between roughly 5 and 30 October.
Despite the hack, ETH was able to hold above the $2,200 mark on every daily close, but ETF selling did not stop. Support for ETH is at about $2,242, then $2,170, which is the 30 October low, and finally the 200-day moving average at about $2,158. Resistance for ETH is at about $2,300, then the 20-day average at about $2,370 (CryptoTicker). Upcoming events include a new Glamsterdam date on Hoodi, where the hacker’s ETH goes next, the US jobs report on 6 November, and the CPI report on 10 November.
Data and sources: Prices from Coinranking and Twelve Data (Binance, Bitfinex); ETF flows from SoSoValue via TokenPost, ChainCatcher and PANews; BitMine from its release via The Block; treasuries from BitcoinTreasuries.net; Binance hack from CoinDesk, TRM Labs, The National and CryptoTicker; Fed decision from the Federal Reserve; Glamsterdam from the Ethereum Foundation notice and CryptoTicker; ETHA holdings from Lookonchain.
India Crypto Research operates independently. The information presented herein is intended solely for educational and informational purposes and should not be construed as financial advice. Before making any financial decisions, it's essential to undertake your own thorough research and analysis. If you're uncertain about any financial matters, we strongly recommend seeking guidance from an impartial financial advisor.
