Over the past month, approximately 56,000 ETH were moved from dormant addresses, marking significant on-chain activity. Notable transactions included 13,330 ETH transferred to Coinbase on October 5 and 9,618 ETH unstaked and sent to Kraken. Additionally, wallets linked to the Ethereum Foundation moved about 14,770 ETH over three days to known exchange custody.
The Coinbase premium for ETHUSD narrowed from -0.181 to -0.142, reaching its lowest level since February. This shift suggests higher selling pressure on Coinbase compared to Binance during the period. Meanwhile, Binance's open interest in ETH futures dropped from over $12 billion to around $5.8 billion, though open interest in ETH remained near 2.5 million ETH, indicating the decline reflects lower ETH prices rather than fewer contracts.
Coinbase and Binance introduced agent-driven tools to enable automated ETHUSD spot trading, offering features like order entry, execution, and position management within user-set limits. Year-to-date institutional staking into ETHUSD totals about $25 billion, with roughly 55%, around $13.75 billion, flowing through BitMine, highlighting a major concentration of staking inflows.
ETHUSD remained bearish, failing to clear the 100-day EMA (~$2,362) and trading below key EMAs. A break above the 100- and 200-day EMAs could target prices between $2,411 and $2,450.