Ethereum Holds Near $2,270 as ETF Outflows and Binance Hack Aftermath Weigh on Recovery
Ethereum traded near $2,270 on November 1 after recovering from a late-October sell-off tied to the Binance security breach, while Bitcoin approached $78,000. Sources differ on the day's gain and on whether ETH has reclaimed its key on-chain cost-basis level, with ETF withdrawals continuing for a seventh straight session.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Price Recovery and Where It Stands
Ethereum gained roughly 1.1% on Sunday, November 1, to trade near $2,270 according to crypto.news price data, while Bitcoin rose about 0.7% to $77,961. CoinJournal reported a separate move on Wednesday, when ETH reclaimed $2,300 after adding more than 2% in 24 hours, so the two outlets are describing different sessions rather than conflicting figures for the same one.
Both reports place the current price just above $2,250, which both describe as the nearest support level. Neither source reports ETH holding a sustained move above that zone, and CoinJournal notes that ETH has struggled to close above its realized price of $2,309.
The Binance Breach and Its Aftermath
The sell-off began with the October 29 Binance security breach, in which about $6.3 billion in digital assets were stolen. Crypto.news reports that Binance has since resumed withdrawals, says roughly 95% of affected assets have been replenished, and has committed its own resources to covering the rest. Both outlets treat the exchange's remediation as having eased immediate concerns, though neither reports that it restored confidence in ETH specifically.
Institutional Flows Diverge From Staking Growth
The most consistent theme across both reports is persistent institutional selling. According to Farside Investors data cited by crypto.news, U.S. spot Ethereum ETFs recorded $155.7 million in net withdrawals on October 30, led by BlackRock's ETHA with $76.6 million in outflows. SoSoValue data cited by CoinJournal shows about $85 million more in net outflows on the following Tuesday, extending the streak to seven consecutive trading days. The two outlets use different data providers and time windows, so their totals are not directly comparable, but both point to sustained redemptions.
On-chain staking has moved in the opposite direction. CryptoQuant analyst theophiluspep reported about 43.8 million ETH locked in the consensus layer, roughly 35.9% of circulating supply, supported by around 814,000 active validators. Crypto.news notes that this shows ETH continued entering staking contracts during the sell-off but does not establish that staking demand drove the price move.
Derivatives and Technical Positioning
Crypto.news cites analyst Ted Pillows, who observed that ETH's funding rate had fallen to its lowest level since June's market bottom, a sign of heavy short positioning. Low funding can indicate short-side demand, but it does not by itself guarantee a squeeze.
Technically, the two sources read the chart similarly. Crypto.news reports a 14-day RSI of 34.15, near the oversold threshold of 30, and a negative MACD. CoinJournal puts the RSI closer to 39 and notes ETH sits below its 20-day, 50-day and 100-day EMAs, which cluster between roughly $2,345 and $2,411. The disagreement on RSI likely reflects different lookback windows or sampling times, and the readings should be treated as approximate.
Why It Matters
For Traders
ETH sits just above $2,250 support with ETF outflows on a seven-session streak, so a daily close below that level would put the next support near $2,204 in focus.
For Investors
Persistent spot ETF redemptions alongside rising staking participation suggest a divergence between regulated product demand and on-chain holding that merits tracking over several months.
For Builders
The gap between ETH's realized price and spot price is now a live reference point, so protocols using cost-basis or unrealized-profit metrics should revalidate their inputs.
This article is for information only and is not financial advice. Read the full disclaimer.
