Ethereum News: BlackRock’s ETF Has Shed $1.3 Billion of ETH in a Month. Can Ethereum Hold Its $2,170 Low?

BlackRock’s iShares Ethereum Trust ETF (NASDAQ:ETHA) has unloaded 580,145 Ethereum (CRYPTO:ETH), worth approximately $1.3 billion, within the last month, according to blockchain tracker Lookonchain’s report on November 2, 2026. The fund continued to sell as Ethereum fell from a 30-day high of $2,726 on October 4 to a low of $2,170 by October 30.

ETH is trading at $2,267, flat over the last 24 hours. It has dropped about 16% in the past month, 24% so far in 2026, and sits 54% below its all-time high of $4,946 reached on August 24, 2025. This article explores who is selling, who is buying, and whether Ethereum can hold at $2,170.

BlackRock’s ETHA Keeps Selling ETH as the Binance Hack Adds Risk

A spot Ethereum ETF like BlackRock’s ETHA directly holds ETH and trades on exchanges similarly to stocks. When investors redeem ETHA shares, the fund withdraws Ethereum and often sells it on the open market. As a result, consecutive redemptions act like a continuous seller in the market.

Spot Ethereum ETFs saw 11 consecutive days of outflows through October 30, losing $432 million in the last week alone, with total assets now at $13.2 billion. Data from SoSoValue indicates that ETHA saw outflows every trading day from October 26 to 30, with the largest drop occurring on October 26, amounting to $105 million. The ETF’s biggest outflow of the month was $202 million on October 6, and its net assets fell 30%, from $9.9 billion on October 5 to $6.9 billion on October 30, due to redemptions and falling ETH prices.

The situation worsened when, on October 29, a hacker compromised a Binance hot wallet, which is typically used for quick withdrawals. This breach marked the largest crypto hack on record. After the incident, Binance paused deposits and withdrawals on various networks, according to cybersecurity firm Black Shard, and blockchain analytics firm TRM Labs linked the attack to North Korea. Binance’s co-founder Yi He assured users that their funds were secure and that the exchange would cover any losses.

This hack not only affected Bitcoin (CRYPTO:BTC), causing its price to dip, but also posed a specific risk to Ethereum. The hacker moved a significant amount of ETH out of the compromised Binance wallet, creating a risk that stolen coins could flood the market at any time.

The Ethereum Price Has Slipped Below Its Key Moving Averages

A moving average is calculated by averaging a coin’s closing price over a set number of days, helping traders evaluate recent buying activity. Currently, at $2,267, ETH is trading below its 20-day average of $2,371 and its 50-day average of $2,516, suggesting recent buyers are likely underwater.

Traders often refer to price levels where buyers have re-entered the market as “support.” ETH is trading just above its nearest support level at $2,265, with the $2,170 low sitting only 4% below. On October 30, ETH closed at $2,243, its lowest close in 30 days, but buyers pushed the price back up from that low. Below $2,170, the 200-day average sits at $2,158, tracking ETH’s long-term trend, and ETH remains above it.

In February, March, and May, ETH frequently closed between $2,020 and $2,055, about 9% to 11% below its current price. During February and March, it often hovered between $1,850 and $1,950.

Compared with its peers, ETH’s performance remains in the middle. Bitcoin, priced at $77,324, is down about 8% over the past month, while Solana (CRYPTO:SOL) is down 21%. However, all three cryptocurrencies are still up over the past 90 days, with ETH up 21%, Bitcoin up 22%, and Solana up 28%, suggesting they gave back much of their summer gains in October.

ETH’s modest performance likely reflects differences in demand. Bitcoin attracts interest from a broader pool of funds, companies, and long-term investors. Therefore, when one group sells, it has less impact on the overall market. In contrast, ETH’s demand is heavily influenced by ETFs and treasuries, meaning extended selling from these ETFs significantly affects Ethereum’s price. On the other hand, Solana tends to be more volatile and has a smaller market, so it suffers more during pullbacks.

BitMine’s ETH Buying Covers Only About 6% of ETHA’s Selling

On the buying side, BitMine Immersion Technologies (NYSE:BMNR | BMNR Price Prediction) claims to be the largest corporate holder of Ethereum. Today, the company announced that it purchased 8,573 ETH, worth around $19 million, increasing its total holdings to 6,060,506 ETH valued at about $13.7 billion, representing 4.9% of Ethereum’s total supply, according to its own estimates. They have also staked 5,227,037 ETH, approximately $11.9 billion, locking these coins up to support the network in exchange for rewards.

Though BitMine reports $14.5 billion in crypto, cash, and securities, stock investors seem hesitant. The market values BitMine at $12.4 billion, and its shares currently trade at $20.75, down 21.5% over the past month. Moreover, its most recent purchase of 8,573 ETH is minor compared to ETHA’s significant selling. If BitMine continues to buy at this rate, it would accumulate around 37,000 ETH each month—roughly 6% of the 580,145 ETH that left ETHA in the same period.

Can the Ethereum Price Hold $2,170 as BlackRock’s Fund Keeps Selling?

Ethereum trades about 4% above the $2,170 mark, and this level may hold for now—provided the ETF selling ends. As of October 30, ETHA’s data indicates that money is still flowing out. Moreover, as reported by TRM Labs and cited by Black Shard, the attacker from Binance still controlled a significant portion of the stolen funds as of October 31. This situation presents two potential sources of selling pressure that BitMine alone cannot counter.

If Ethereum closes daily below $2,170 and breaks below the 200-day moving average of $2,158, it could push the price down toward the $2,020 to $2,055 range—a decline of about 10% from its current value. Conversely, if Ethereum closes above the 20-day average of $2,371, which is about 5% higher, it would signal the end of the selling trend in October and ideally coincide with a day when ETHA records net inflows.

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