Why is Ethereum moving today?

Ethereum is essentially flat on the day at $2,311, down 0.1% over 24 hours and 3.5% on the week — a steeper slide than Bitcoin's 2.5%, with BTC holding $79,744. The clearest driver is fund flows: U.S. spot Ether ETFs returned to outflows on October 26, shedding a net $88.58 million, with BlackRock's ETHA alone losing $104.71 million against a $16.13 million inflow into Fidelity's FETH. On the same day, Bitcoin ETFs pulled in $110 million, underlining the rotation away from ETH.

Spot supply pressure is adding to it. An early holder who bought 100,000 ETH at $0.31 sold 1,500 tokens worth $3.48 million, and traders flag continued whale selling as ETH tests the $2,300 area. On Hyperliquid, one address is carrying a $28.89 million ether short, while a 30,282 ETH long opened at $2,134 — now $70.25 million — has been linked by analyst 余烬 to the UXLINK hacker.

Sentiment is cautious elsewhere: trader Ansem turned bearish on BTC and ETH, citing a blow-off top in AI stocks. On the development side, Ethereum fixed a Glamsterdam bug that could have routed staking deposits to builders, and BitMine's staked ether rose to 5,227,037 tokens.