Ethereum (ETH) enters mid-October on the back foot, down 4.45% over the past week to $2,503.76 on BeInCrypto Markets. Now, the second-largest cryptocurrency is flashing three bearish signals.
The bearish signals cover where Ethereum are sitting, who is moving them, and how much US buyers are willing to pay. Together, they suggest that sellers are gaining ground on buyers.
Whales Head for the Exit as Exchange Supply Builds
CryptoQuant data shows exchange reserves have climbed from about 14.59 million ETH in late September to 14.93 million on October 14. Rising reserves mean more coins sit on platforms where holders can sell them quickly.
At the same time, whales continue to offload their holdings. According to Lookonchain, an over-the-counter (OTC) whale, wallet 0x8c58, sold 9,996 ETH, worth about $25 million.
The whale had bought 52,001 ETH at an average of $2,162 and sold at $2,632, booking roughly $24.48 million in profit.
Separately, Patricio Worthalter, founder of the Proof of Attendance Protocol (POAP), deposited 10,000 ETH worth about $25.05 million into Gemini. He had already sent 4,000 ETH worth about $10.02 million to the exchange on October 11.
Coinbase Demand Fades as ETF Investors Pull Back
The third signal comes from the Ethereum Coinbase Premium Index, which fell to about -0.1173. That is its lowest reading in two months.
The index tracks the price gap between ETH on Coinbase and Binance. A negative reading means ETH trades cheaper on Coinbase, pointing to weaker demand there.
Flows into US spot Ethereum exchange-traded funds (ETFs) show softer demand as well. The funds posted outflows for 10 straight trading days through October 12, losing about $782.6 million.
A $24.8 million inflow on October 13 ended that streak. Still, October net outflows stand near $695.4 million, according to SoSoValue data.
ETH has fallen 6.47% since the start of October. The coin now trades about 49% below its August 24, 2025, all-time high of $4,946.05.
The wider crypto market is already contending with geopolitical and macroeconomic pressure. If buyers stay on the sidelines, ETH could extend its October losses. A recovery would likely depend on whales returning as buyers, and ETF flows turning positive again.
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