Ethereum

<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Ethereum traded at $2,486 as of 11:17 a.m. ET Friday, down 8.1% over seven days against 3.3% for Bitcoin, taking the ETH/BTC ratio to its lowest since mid-August.</li>
 <li>US spot Ethereum ETFs lost $641.3 million over eight straight sessions through Oct. 8, more than the $489.9 million that left Bitcoin funds, Farside data show.</li>
 <li>Bitmine plans to stop buying at 5% of ETH supply, about 100,000 ETH away, and a CryptoQuant contributor warned that fund redemptions weaken Ethereum's support.</li>
</ul>
Ethereum (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/ethereum/">ETH</a>) has fallen about 8% in a week, more than twice Bitcoin's (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">BTC</a>) drop, pushing its price against Bitcoin to the lowest since mid-August. Its steadiest buyers are pulling back.
US <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/spot-market">spot</a> Ethereum funds have lost $641.3 million over eight sessions, more than Bitcoin funds lost over the same stretch. Ethereum's market value is less than a fifth of Bitcoin's. Bitmine, which has bought ETH every week since June 2025, says it will stop once it holds 5% of supply. CryptoQuant contributor MorenoDV_ wrote last week that renewed redemptions would weaken the fund demand behind Ethereum's recovery.
The coins are also moving in the opposite direction from Bitcoin's.
"Since Oct 4, bitcoin has been leaving the exchanges and ether has been heading back to them," Santiment <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/SantimentData/status/2108526034555380194">wrote</a> on X.
<h2 id="header-1">How Far Has ETH Fallen? Twice Bitcoin's Drop This Week</h2>
The ETH/BTC ratio measures how much Bitcoin one ETH buys. It peaked in mid-September and has slid since, with its sharpest drops on Wednesday and Thursday, CoinMarketCap data show.
Bitcoin had its own <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/bitcoin-price-drops-oil-yields-longs-flushed">slide</a> this week as Treasury yields climbed. Ethereum fell further, a pattern with a long record. ETH has fallen harder than Bitcoin in seven of nine drawdowns since 2020, Blockworks Research found.
"If you want exposure to BTC, the best instrument you can buy is BTC," Marc Arjoon <a target="_blank" rel="noopener noreferrer nofollow" href="https://blockworks-research.beehiiv.com/p/what-actually-outruns-bitcoin">wrote</a> in Blockworks Research's newsletter.
<h2 id="header-2">Who Stopped Buying? ETF Funds, and Soon Bitmine</h2>
US spot Ethereum <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/ethereum-etf">ETFs</a> have recorded outflows every session since Sept. 29, after <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/ethereum-price-flat-etf-funds-sell">turning</a> sellers late last month. The two largest came on Tuesday and Wednesday, Farside <a target="_blank" rel="noopener noreferrer nofollow" href="https://farside.co.uk/eth/">data</a> show. Scaled to each asset's market value, Ethereum's outflows ran about seven times Bitcoin's.
Bitmine is also nearing its limit. The Nasdaq-listed company holds ETH as a treasury asset and held just under 5% of supply at its Monday update. Chairman Tom Lee said on Wednesday that it will stop buying at that mark, about 100,000 ETH away.
"Now we're going to stop," Lee said at TOKEN2049 in Singapore, CoinDesk <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/markets/2026/10/07/ether-is-about-to-lose-a-steady-buyer-as-tom-lee-says-bitmine-will-stop-token-purchases">reported</a>. At last week's pace, that point would arrive by late November, by CoinDesk's estimate.<tweet-embed url="https://x.com/TheBlockCo/status/2107796002782507350"></tweet-embed>
<h2 id="header-3">Where Are the Coins Going? Back to Exchanges, Santiment Says</h2>
More than 100,000 ETH moved onto <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/exchange">exchanges</a> from Oct. 4 to Oct. 8, while Bitcoin flowed the other way, Santiment found. Coins held on exchanges can be sold quickly, while coins leaving them usually head to storage.<tweet-embed url="https://x.com/SantimentData/status/2108526034555380194"></tweet-embed>
<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/leverage">Leverage</a> is also heavier in Ethereum. Open interest in ETH <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/futures">futures</a>, the value of outstanding bets, is more than 60% of Bitcoin's on a market less than a fifth the size, CoinGlass data show. That leverage was already <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/altcoin-season-fading-alts-trail-bitcoin">holding</a> through earlier drops.
<h2 id="header-4">What Would Turn It Around? Fund Buyers Coming Back</h2>
Outflow streaks have reversed quickly before. Ethereum funds lost $405 million from Sept. 15 to Sept. 17, then took in $851 million over the next seven sessions, Farside data show.
Bitmine's next weekly holdings update is due Monday.
"A reclaim of previous holdings highs would strengthen the recovery thesis," MorenoDV_ <a target="_blank" rel="noopener noreferrer nofollow" href="https://cryptoquant.com/insights/quicktake/6abe40f7ac43731051ec4f8c-Ethereum-Leads-the-Recovery-in-Crypto-Fund-Exposure">wrote</a> on Oct. 1.
Further Reading: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/starknet-price-quantum-resistant-ethereum">Starknet Price Climbs 26% as It Floats Quantum-Resistant Split From Ethereum</a>

Ethereum Price Hits Lowest vs Bitcoin Since August as Buyers Retreat

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