Record weekly ETH ETF withdrawals and rising exchange balances weigh on price, while whale buying offers a conflicting signal.
The attacker behind Triple-A's July treasury breach has transferred 4,970 ETH worth approximately $12.4 million into Tornado Cash, according to blockchain security firm Salus.
Ethereum (ETH) price is down by more than 7% in the seven days leading up to October 10, with this drop coming amid weak demand for spot ETH ETFs that have now seen their worst weekly performance since January. ETH trades at $2,491 at the time of writing after dropping by 0.39% in 24 hours.
The transfers, valued at about $12.4 million, followed the July theft of assets from Triple-A's treasury.
The wallet deposited 4,970 ETH across 56 transactions after the funds were consolidated on Oct. 9.
The fund's 20-day net purchases exceeded ETHE's $71.6 million in outflows, leaving Grayscale's two Ether products with a combined $31.7 million net purchase.
Ether traded at $2,492.63 in the Oct. 10 Binance spot-market snapshot as futures sell volume exceeded buy volume and open interest declined 0.85%.
U.S. spot Ethereum ETFs posted $56.1 million in net outflows on Oct. 9, extending their outflow streak to nine trading days as cumulative net inflows stood at $13.26 billion.
Ether was priced at approximately $2,492.90 as the newly placed limit orders remained open from the previous day into Oct. 10.
The holdings were valued at about $7.22 million after more than nine years of inactivity.
Wang Chun moved 5,173.41 ETH from Binance over seven hours at an average price of $2,485.89 per token.
Ethereum options open interest fell 4.45% to $6.03 billion, while calls held 61.29% of OI and 65.72% of 24-hour volume. The $2,300 Deribit call led trading volume.