The Ethereum price hovered around $2,250 on October 31, 2026, as investors grappled with mounting ETF outflows and the lingering threat of stolen ETH entering the market. Glassnode reported 23 consecutive days of outflows from US spot Ether ETFs, marking the longest streak since their launch. Farside data revealed a $4.4 million inflow on October 23, but the subsequent five-day outflow streak totaled approximately $431.4 million, with BlackRock’s iShares Ethereum Trust and Grayscale’s Ethereum Mini Trust leading the withdrawals.
Adding to the market’s uncertainty, wallets linked to the Binance hack held an estimated 525,200 ETH as of 16:51 UTC on October 31. While Binance claims to have replaced 90% of the stolen assets, the remaining ETH in attacker-linked wallets poses a potential supply risk. The exchange assured customers that their ETH holdings are fully backed and plans to resume withdrawals on November 1, but the market remains cautious about the possibility of the stolen ETH being dumped.
Blockchain analytics firm TRM Labs initially estimated attacker-linked holdings above 420,000 ETH, though the figures vary due to different reporting times and wallet scopes. Aave risk researchers noted that one linked wallet deposited $60 million in USDT as collateral on October 29, borrowing 19,762 wrapped ETH before Aave restricted further activity. The loan represents only a portion of the stolen Ether, with other assets also exchanged for ETH, highlighting the complexity of the situation.
The Ethereum price’s near-term outlook hinges on the balance between ETF outflows and the potential impact of stolen ETH sales. While Binance’s replacement purchases could add demand, the market’s reaction will depend on the size, timing, and liquidity available to absorb any large sales from attacker-linked wallets.