Bitcoin

Ethereum

<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Ethereum fell about 3.6% over 24 hours to $2,424 on Wednesday, against 2.1% for Bitcoin, taking ETH/BTC below its Oct. 8 low of 0.0299.</li>
 <li>US spot Ethereum ETFs took in $24.8 million on Tuesday after 10 straight sessions of outflows totaling $782.8 million, Farside data show.</li>
 <li>Bitmine, the largest corporate holder of ETH, says it is 99% of the way to its 5% supply target, and Tuesday's inflow replaced about 3% of the streak.</li>
</ul>
Ethereum (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/ethereum/">ETH</a>) fell about 3.6% on Wednesday, more than Bitcoin's (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">BTC</a>) 2.1% drop, and its price against Bitcoin slipped below the Oct. 8 low. Bitfinex had named holding that low as one of two signs of a recovery, and only the other one has arrived.
US spot Ethereum funds took in money on Tuesday for the first time since late September. The inflow replaced a small fraction of what the streak drained, and Bitmine, the largest corporate buyer, says it is nearly done buying. Bitfinex's ratios point to a deeper fall for altcoins than for Bitcoin if Bitcoin breaks its support.
“Confirmation would come from ETH/BTC holding above its 8 October low of 0.0298 and from the nine-session run of Ether ETF outflows coming to an end,” Bitfinex analysts <a target="_blank" rel="noopener noreferrer nofollow" href="https://blog.bitfinex.com/bitfinex-alpha/what-bitcoin-needs-to-reclaim-84500/">wrote</a>.
Ethereum traded at about 0.0297 Bitcoin at 11:09 a.m. ET, CoinMarketCap data show.
<h2 id="header-1">How Far Did Ethereum Fall? Further Than Bitcoin Again</h2>
The selling followed a hotter-than-expected US <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/inflation">inflation</a> report, which lifted the odds of a Federal Reserve rate hike this month. Ethereum has usually held up better than other large altcoins. It fell about 1.2 times as far as Bitcoin on average in recent pullbacks, according to Bitfinex.
The ETH/BTC ratio has now fallen about 8% since Sept. 28. It <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/ethereum-price-lowest-against-bitcoin-since-august">sank</a> to its lowest since mid-August last week.
Bitfinex traced the wider <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/altcoin">altcoin</a> losses partly to <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/leverage">leverage</a>. Futures bets on large altcoins had reached their highest relative to market value since October 2025, and more ETH positions than BTC positions were forcibly closed on Oct. 8.
<h2 id="header-2">Who Is Buying Ethereum? Funds for a Day, Bitmine Less</h2>
US spot Ethereum <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/exchange-traded-fund-etf">funds</a> took in $24.8 million on Tuesday, Farside Investors <a target="_blank" rel="noopener noreferrer nofollow" href="https://farside.co.uk/ethereum-etf-flow-all-data/">data</a> show. The previous 10 sessions had drained $782.8 million. Bitfinex named the lack of dedicated buyers as one reason altcoins fell almost twice as far as Bitcoin last week.
Bitmine Immersion Technologies bought 12,532 ETH in the week to Oct. 11 and is 99% of the way to owning 5% of supply, it <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.nasdaq.com/press-release/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-603-million-tokens">said</a> on Monday. The release cites management's statement that the company is “largely finished buying ETH.”
Bitmine chairman Tom Lee <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/fundstrat/status/2109811837956931678">said</a> on Monday night that a sell-off in Korean stocks was likely spilling over into crypto, and called it short-term pain.<tweet-embed url="https://x.com/fundstrat/status/2109811837956931678"></tweet-embed>
<h2 id="header-3">What Would Confirm a Recovery? Inflows That Outlast One Session</h2>
Trading on the <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/spot-market">spot</a> market points the same way. CryptoQuant contributor Woominkyu tracked October's buying and selling on a major exchange.
“The broader picture is therefore one of recent buying support within a period that still shows slightly stronger selling,” Woominkyu <a target="_blank" rel="noopener noreferrer nofollow" href="https://cryptoquant.com/insights/quicktake/6acf4e28b3e204342cefa444">wrote</a> on Wednesday.
Social sentiment is running the other way. Santiment <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/SantimentData/status/2110039346946461736">found</a> on Tuesday that Ethereum had become the crowd favorite on X, Reddit and Telegram.<tweet-embed url="https://x.com/SantimentData/status/2110039346946461736"></tweet-embed>
If Bitcoin loses $81,300 and heads toward about $77,400, Bitfinex's ratios imply a fall of roughly 11% to 14% for the median large altcoin.
Undoing the outflow streak would take about 30 more sessions like Tuesday's.
“From a contrarian perspective, BTC and XRP’s fear is healthier than ETH’s crowd excitement if prices begin recovering,” Santiment wrote.
Further Reading: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/why-strategy-pouring-cash-into-strc-not-bitcoin">Why Strategy Is Pouring Cash Into STRC Instead of More Bitcoin</a>

Ethereum Price Falls Further Against Bitcoin Even as ETF Outflows End

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