ETH at $2,510—are you still stubbornly holding on?
ETFs have seen 10 straight days of outflows, totaling $780 million. The most committed bulls will stop buying once they hit 5%. ETH has been bought up twice at $2,400—but at this awkward level of $2,510, the big players may be giving you one last chance to get out.
First: ETFs are seeing outflows, and institutions are voting with their feet.
U.S. spot ETH ETFs have posted net outflows for about 10 consecutive trading days. On October 12 alone, outflows totaled $85.4 million, with BlackRock’s ETHA accounting for $75.1 million. Since September 29, cumulative outflows have reached about $780 million. Last week alone saw $542 million in outflows—the worst week since January.
Still waiting for institutions to provide support?
They’re dumping their holdings on you.
Second: The steadiest buyer is about to stop buying.
BitMine (Tom Lee) holds about 6.029 million ETH, nearly 4.9% of the total supply and just shy of its 5% target. It added another 12,500 ETH last week, but the company has made it clear: it will stop at 5%.
Over the past few months, BitMine has been the market’s steadiest, most systematic spot buyer. Now this “buy, buy, buy” machine is about to shut down.
When even the most committed bulls stop buying, who do you think will step in?
Third: An exit queue looms overhead, and the deflation narrative has long since fallen apart.
The staking exit queue previously climbed to a year-to-date high, with around 770,000 ETH in it. The potential selling pressure from unstaking hangs overhead like a sword.
What’s more, since the Dencun upgrade, mainnet fees have fallen sharply, and ETH burns have lagged far behind issuance. ETH is now experiencing mild inflation—it is by no means a deflationary asset.
Still using “deflation” to reassure yourself?
That’s an old script from 2021.
Trading strategy
Perpetual longs:
Consider a small position if ETH pulls back to $2,430–$2,460 and stops making new lows on the 1-hour chart. Place a stop below $2,385. The first target is $2,550–$2,575; take some profit there. Only if the 4-hour candle closes above $2,575 should you set your sights on $2,660–$2,740.
Perpetual shorts:
Wait for ETH to fail to break through $2,550–$2,575, with an upper wick or declining volume, before shorting. Place a stop above $2,600. First target: $2,460, then $2,410.
Spot:
You can hold your medium-term position, but don’t add at this price. If you want to add, wait for one of two scenarios:
The daily candle closes back above $2,575 and holds there;
ETH drops to $2,300–$2,400, and ETF outflows begin to ease.
With BitMine close to stopping its purchases, don’t count on any more systematic support.
ETFs have seen 10 straight days of outflows, totaling $780 million. The most committed bulls will stop buying once they hit 5%. ETH has been bought up twice at $2,400—but at this awkward level of $2,510, the big players may be giving you one last chance to get out.
First: ETFs are seeing outflows, and institutions are voting with their feet.
U.S. spot ETH ETFs have posted net outflows for about 10 consecutive trading days. On October 12 alone, outflows totaled $85.4 million, with BlackRock’s ETHA accounting for $75.1 million. Since September 29, cumulative outflows have reached about $780 million. Last week alone saw $542 million in outflows—the worst week since January.
Still waiting for institutions to provide support?
They’re dumping their holdings on you.
Second: The steadiest buyer is about to stop buying.
BitMine (Tom Lee) holds about 6.029 million ETH, nearly 4.9% of the total supply and just shy of its 5% target. It added another 12,500 ETH last week, but the company has made it clear: it will stop at 5%.
Over the past few months, BitMine has been the market’s steadiest, most systematic spot buyer. Now this “buy, buy, buy” machine is about to shut down.
When even the most committed bulls stop buying, who do you think will step in?
Third: An exit queue looms overhead, and the deflation narrative has long since fallen apart.
The staking exit queue previously climbed to a year-to-date high, with around 770,000 ETH in it. The potential selling pressure from unstaking hangs overhead like a sword.
What’s more, since the Dencun upgrade, mainnet fees have fallen sharply, and ETH burns have lagged far behind issuance. ETH is now experiencing mild inflation—it is by no means a deflationary asset.
Still using “deflation” to reassure yourself?
That’s an old script from 2021.
Trading strategy
Perpetual longs:
Consider a small position if ETH pulls back to $2,430–$2,460 and stops making new lows on the 1-hour chart. Place a stop below $2,385. The first target is $2,550–$2,575; take some profit there. Only if the 4-hour candle closes above $2,575 should you set your sights on $2,660–$2,740.
Perpetual shorts:
Wait for ETH to fail to break through $2,550–$2,575, with an upper wick or declining volume, before shorting. Place a stop above $2,600. First target: $2,460, then $2,410.
Spot:
You can hold your medium-term position, but don’t add at this price. If you want to add, wait for one of two scenarios:
The daily candle closes back above $2,575 and holds there;
ETH drops to $2,300–$2,400, and ETF outflows begin to ease.
With BitMine close to stopping its purchases, don’t count on any more systematic support.