Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC 
ETH Key Facts
As of 11:17 a.m. EDT on Friday, Ethereum (ETH) was trading at US$2,486, down 8.1% in the past seven days, more than twice the decline of Bitcoin (BTC)'s 3.3% over the same period, sending the ETH/BTC exchange rate to its lowest level since mid-August. Data showed that the U.S. spot Ethereum ETF had a net outflow of US$641.3 million in the eight consecutive trading days ended October 8, exceeding the US$489.9 million from Bitcoin funds.
Bitmine plans to stop buying when its holdings reach 5% of Ethereum's total supply, with about 100,000 ETH remaining close to that target. A contributor to CryptoQuant warned that fund redemptions are weakening Ethereum's price support.
ETH has fallen twice as much as Bitcoin this week
Ethereum has fallen about 8% in the past week, falling far more than Bitcoin, pushing its exchange rate against Bitcoin to a low since mid-August. At the same time, Ethereum's most stable buyers are also beginning to retreat. The U.S. spot Ethereum fund lost US$641.3 million in eight trading days, more than the loss of Bitcoin funds during the same period. Currently, the market value of Ethereum is less than one-fifth of Bitcoin.
Bitmine, which has been buying ETH weekly since June 2025, said it will stop buying once its holdings reach 5% of total supply. CryptoQuant contributor MorenoDV_pointed out last week that a new round of redemption activity will weaken the demand for funds supporting Ethereum's recovery.
In addition, these two assets are also moving in the opposite direction to Bitcoin. "Bitcoin has been leaving the exchange since October 4, and Ethereum is flowing back into the exchange." Sanitation wrote on the X platform.
Who stopped buying? After ETF funds and the upcoming Bitmine
turned sellers in late September, the U.S. spot Ethereum ETF recorded capital outflows on every trading day starting September 29. Farside data showed that the largest outflows occurred on Tuesday and Wednesday. If converted based on the market value of their respective assets, the outflow of funds from Ethereum is about seven times that of Bitcoin.
Bitmine is also close to its purchase limit. The Nasdaq-listed company uses ETH as a treasury asset and said in its latest update Monday that its holdings are just under 5% of total supply. Chairman Tom Lee said on Wednesday that the company will stop purchasing when it reaches that ratio, leaving about 100,000 ETH units close to its target.
"Now we're going to stop buying." Tom Lee told CoinDesk at the TOKEN2049 conference in Singapore. CoinDesk estimates that at last week's pace, Bitmine will reach this point around the end of November.
Where are these tokens going?
Sanitation found that from October 4 to October 8, more than 100,000 ETH were transferred from wallets to exchanges, while Bitcoin flowed in the opposite direction. Tokens placed on exchanges can be sold quickly, while tokens leaving the exchange are usually placed in cold wallets or long-term storage.
Ethereum also has higher leverage. CoinGlass data shows that when the Ethereum market is less than one-fifth the size of Bitcoin, the value of open interest contracts in ETH futures (that is, the value of outstanding bets) exceeds 60% of Bitcoin. This high leverage ratio has shown resilience in previous declines.
What can turn the situation around? Fund buyers return
The previous trend of capital outflows has quickly reversed. Farside data shows that the Ethereum fund lost $405 million between September 15 and September 17, but returned another $851 million in the following seven trading days.
Bitmine's next weekly position update will be released on Monday. "If you regain the previous high position, it will strengthen the theoretical basis for recovery." MorenoDV_wrote on October 1st.
