Ethereum Price Lags Bitcoin as ETH ETF Outflows Mount

Mehfooz Khan

Ether is bouncing, but it is not leading. On Monday, Oct. 19, 2026, the second-largest cryptocurrency climbed back above $2,400, yet it is still down sharply for the month and has trailed bitcoin through October's selloff. The reasons come down to two buyers that have stepped back: U.S. spot Ethereum ETFs and, to a lesser degree, the biggest corporate holder of ETH.

Here is where the Ethereum price stands, what the flow data shows, and the events on the calendar that could change the picture.

Where Ether Is Trading

Yahoo Finance reported that ether opened at $2,408.26 on Oct. 19 and was at $2,412.84 as of 7:37 a.m. ET. TradingNews put ETH at $2,419.82 at 10:47 a.m. ET, up 1.86% over 24 hours, after a session high of $2,446.15.

The longer view is weaker. According to Yahoo Finance, Monday's opening price was about 5% lower than a week earlier, 7.8% lower than a month earlier and 38.1% lower than a year ago. Ether's all-time high, per Yahoo Finance, was $4,953.73 on Aug. 24, 2025.

TradingNews calculated that ETH is about 10.7% below its Oct. 5 close of $2,709.87, while bitcoin has slipped roughly 4% over the same period. Over the past seven days, ether was down 4.8% versus a 1.3% decline for bitcoin.

The Ratio That Shows the Underperformance

One simple way to compare the two assets is the ETH/BTC ratio, or how much bitcoin one ether buys. Using Monday morning prices of $2,419.82 for ETH and $82,345.89 for BTC, TradingNews put the ratio at about 0.0294.

The same report put Ethereum's share of the total crypto market at 10.5%, against bitcoin's 58.6%, with the overall market valued at $2.82 trillion. When money came back into crypto on Monday, it went to bitcoin first.

Ethereum ETF Outflows Are the Big Headwind

Flows into U.S. spot Ethereum ETFs have turned decisively negative. Crypto.news, using Farside Investors data, reported $320.1 million of net outflows from Ethereum funds during Oct. 12-16, which was more than the $228.4 million that left bitcoin funds over the same five sessions.

BlackRock's iShares Ethereum Trust (ETHA) accounted for about $299 million of that, or 93.4% of the category's net weekly outflow. Fidelity's FETH was a rare bright spot, attracting $10.5 million. The worst day was Wednesday, Oct. 14, with $129.5 million in outflows.

In a separate development, VanEck filed on Oct. 14 to withdraw its proposed Lido Staked Ethereum ETF registration, saying it "does not intend to proceed," according to crypto.news. That proposed fund had never issued shares.

The Largest Corporate Buyer Is Slowing Down

Bitmine, the Ethereum-focused treasury company chaired by Tom Lee, is still buying, but it is getting close to its stated limit. CoinDesk reported that Bitmine bought 12,535 ETH last week, worth about $30.4 million, and now holds 6.04 million ETH. That leaves it roughly 64,000 tokens short of its goal of owning 5% of Ethereum's supply.

CoinDesk noted that Lee has said the company plans to stop accumulating once it reaches that target. At its current pace, Bitmine could get there in about five weeks, assuming supply stays near current levels. For the market, that means one steady source of demand may fade soon.

Dates That Could Move ETH

TradingNews highlighted a few near-term events:

  • Oct. 26: The Glamsterdam upgrade is scheduled to activate on the Hoodi test network, including a higher block gas limit. Testnet upgrades are a step before any mainnet change.
  • Oct. 27-28: The Federal Reserve's policy meeting. Rate expectations have been a major driver of crypto ETF flows this month.
  • Oct. 30: A large bitcoin options expiry, which can add short-term volatility across crypto markets.

None of these guarantees a move in either direction. They are simply the scheduled moments when new information arrives.

What This Means for You

If you hold ether, October has been a reminder that it can be more volatile than bitcoin, both on the way up and the way down. ETF flows, corporate buying and interest rates have all played a role. Before making any decision, think about your time horizon, avoid leverage you cannot afford, and be wary of social media price targets, which are opinions, not facts.

This article is for information only and is not financial or investment advice.

Key takeaways

  • Ether opened at $2,408.26 on Oct. 19, 2026, and traded near $2,420 by late morning (Yahoo Finance, TradingNews).
  • ETH is down about 10.7% since its Oct. 5 close, versus about 4% for bitcoin (TradingNews).
  • U.S. spot Ethereum ETFs lost $320.1 million during Oct. 12-16, with ETHA responsible for about 93% (crypto.news/Farside).
  • Bitmine holds 6.04 million ETH and is about 64,000 ETH short of its 5% supply target (CoinDesk).
  • Upcoming dates include a testnet upgrade on Oct. 26 and the Fed meeting on Oct. 27-28.

Sources

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Mehfooz Khan

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