Ethereum Falls as BitMEX Co-Founder Arthur Hayes ‘Dump It All’
Ethereum (ETH) price fell 2.50% to $2,339.09 in 24 hours, underperforming a broadly weaker market, driven primarily by sustained institutional selling pressure from spot ETF outflows.
ETH price move reflects persistent outflows from U.S. spot Ether ETFs, with a net $225 million withdrawn over the past week, signalling continued institutional distribution.
U.S. spot Ether ETFs recorded net outflows for a fourth consecutive week, totalling $224.96 million through October 22.
BlackRock’s iShares Ethereum Trust (ETHA) saw a single-day redemption of $233.19 million on October 22. This persistent selling from regulated products represents a clear headwind for price.
Institutional demand is cooling, removing a key source of buy-side support. A reversal to net inflows would be the first sign sellers are exhausted.
BitMEX co-founder Arthur Hayes announced he “dumped it all,” selling 6,400 ETH worth about $15.2 million on October 24. Separately, an attacker exploited the Initia network to bridge and swap assets worth roughly 1,135.5 ETH ($2.7 million), adding potential sell-side pressure.
Celebrity exits and ecosystem hacks amplify negative sentiment and can trigger follow-on selling. ETH is trading below its key 7-day ($2,414) and 30-day ($2,557) moving averages, with RSI at 38.56 indicating bearish momentum.
The immediate risk is a break below the October low of $2,313, which could trigger cascading liquidations—data shows $676 million in long positions are at risk if ETH falls below $2,286.
The trend is bearish until ETH reclaims the $2,491 resistance level. The Federal Reserve’s October 28 decision could further pressure risk assets if it takes a hawkish tilt.
Institutional outflows, high-profile selling, and weak technical structure keep Ethereum under pressure. SK Hynix Postpones Plan to Take Solidigm Public
