Satu Dana Menanggung Seluruh Aksi Jual ETH pada Jumat. Harga Bahkan Tak Bergeming.

Muhamamd Adeel · 2026-10-17T08:30:16.000Z

Hari Jumat memberi kita eksperimen paling jelas yang pernah terjadi di pasar ini dalam beberapa pekan terakhir. Setiap dolar yang keluar dari ETF spot US $ETH — total $69,7 juta — berasal dari satu dana: ETHA milik BlackRock. Semua dana lainnya mencatat angka nol persis. Tak ada arus masuk di mana pun, tak ada aksi serentak untuk keluar — hanya satu penarikan besar. Lalu ETH? Harganya bertahan di sekitar $2.431 di Kraken, dalam kisaran 24 jam yang ketat, $2.414–$2.435, seolah tak terjadi apa-apa. Ketidakselarasan itulah inti ceritanya. Jika dilihat dari perspektif yang lebih luas, tekanan jualnya tampak brutal. Empat dari lima sesi pada 12–16 Oktober ditutup merah, sekitar $320 juta keluar sepanjang pekan itu, dan arus keluar bersih pada Oktober kini mencapai sekitar $955 juta. Tren yang berlangsung selama sepuluh sesi berturut-turut hingga 12 Oktober baru terputus oleh satu hari dengan arus masuk sebesar $24,8 juta pada 13 Oktober. Ditambah sekitar $500 juta likuidasi posisi long ETH sejak Senin, grafiknya seharusnya tampak seperti lokasi kejadian kriminal.

Friday gave us the cleanest experiment this market has run in weeks.
Every single dollar that left US spot $ETH ETFs — $69.7 million of it — came from one fund: BlackRock's ETHA.
Every other fund printed exactly zero. No inflows anywhere, no broad rush for the exit — just one big redemption. And ETH? It sat around $2,431 on Kraken, inside a tight $2,414–$2,435 24-hour range, like nothing had happened. That disconnect is the whole story.
Zoom out and the selling pressure looks brutal. Four of the five sessions from October 12–16 were red, about $320 million out the door for the week, and October is now running at roughly $955 million in net outflows. The streak that ran ten straight sessions into October 12 only broke with a single $24.8 million inflow day on October 13. Add roughly $500 million in ETH long liquidations since Monday, and you'd expect the chart to be a crime scene.
It isn't. The $2,380 floor keeps holding — the level technicians score as ETH's strongest support — and the bounce off the $2,350 zone is still intact. Even the October 15 wick to $2,313 got bought back. Meanwhile the supply data is arguing with itself: daily exchange reserves ticked up about 290,000 ETH in three weeks, yet Binance's balance fell by 430,000 ETH over 52 days to 3.47 million. Read the daily number and sellers are loading up; read the venue-level trend and coins are quietly leaving the biggest exchange. Both can't be the headline — so don't let either one do your thinking for you.
Here's my read: Friday wasn't capitulation, it was concentration. One holder redeemed, the rest of the market didn't follow, and spot absorbed it. That fits the bigger picture too — $BTC ETFs bled $82.4 million the same day, so this was a broad risk-off mood after hot CPI and PPI, not an ETH-specific verdict. And the year-to-date tally still shows about $814 million of net inflows into ETH ETFs, on $12.94 billion cumulative. The money that left in October is a fraction of what arrived.
What decides it now is the range on the cover. Hold $2,380 and the $2,446 reclaim comes into view; a weekly close above $2,550 is the test analysts are watching for a bottom. Lose $2,380 and the $2,345 zone and that $2,313 wick are back in play. Positioning is the wildcard — nearly 69% of accounts are still long with funding barely positive, so the crowd is leaning the same way even after getting flushed. Pull up the chart and watch which side blinks first: the single seller, or the stubborn spot bid.
Not financial advice. DYOR.