bitcoin
ETH Plunged 16% in October as Ethereum ETF Outflows Hit All-Time High
Ethereum witnessed one of the sharpest declines in October, despite the positive but brief start to the month, tanking by over 16%.
A large portion of those losses came because of the ETF outflows, which hit an all-time high, with over $1.6 billion leaving the funds. ETH Failed in October Similar to the bitcoin landscape, the leading altcoin entered October following three very successful months. After its early July low at $1,500, the asset rebounded swiftly during that month and ended it with a substantial 18.52% surge.
Then came the mid-August breakout rally that drove the alt higher, posting a 32.60% surge. The streak extended in September with another 8.79% increase. October indeed started with a minor leg up that pushed ETH close to the $2,800 resistance.
The rejection there turned out to be fatal, and the asset tanked toward $2,400 within the next week. The rebound was halted at $2,560 a few days later, and ETH saw another leg down to $2,300 on October 15 after the release of the CPI and PPI data for September. The bulls hadn't given up yet, propelling another surge to $2,520 on October 21.
