What to Know:
- $184M exited Ethereum ETFs in 24h, signaling lower institutional confidence.
- $2.5B ETH options expiry added selling pressure and market volatility.
- Upcoming Fusaka and ZKsync Atlas upgrades could boost scalability and liquidity
Ethereum (ETH) has come under mounting pressure. Over the past 24 hours it has fallen about 1.53%, underperforming the broader crypto market, which dropped around 1.06%. Over the last 30 days, Ethereum has slid almost 10.92%.
Three main factors are at play: heavy ETF outflows, large options expiry, and weakening technical support.
ETF Outflows Hit Confidence
Interest from institutions is important, but it seems to be fading lately. Ethereum-linked spot ETFs saw a net outflow of about $184 million yesterday. The biggest contributors to this were funds like ETHA (BlackRock) and ETHW/ETHV (Bitwise). These outflows show that major players are clearly pulling back after six days of redemptions.
These big redemptions make it look like institutional investors might be pulling back, which would lower Ethereum’s potential upside. With ETH now trading below the cost basis of several short-term holders around $4,100, the psychological support for the price is weaker. According to data, spot ETH ETFs recently saw roughly $81.4 million in net outflows on Oct 29 alone.
Options Expiry Adds Volatility
Another key driver of the recent drop: a massive options expiry event. On October 31, about $2.5 billion worth of ETH options expired, with the “max pain” price pegged at about $4,100, above the current ETH trading price of ~$3,841.
The put/call ratio of 0.70 showed that some traders were bullish, but a lot of them hedged near the $3,600–$4,000 strikes. The result was that more than $210 million worth of ETH long positions were closed in 24 hours, which increased the risk of losing money. This kind of pressure from derivatives often leads to a chain reaction of selling.
Technical Support Breaking Down
From a technical angle, the picture is also deteriorating. Ethereum recently fell below its 100-day moving average around $4,056 and is now testing support near the 200-day moving average $3,625. Key support around $3,880–$3,900 has already been breached, leaving the next level around $3,737, the 78.6% Fibonacci retracement in play. A daily close below that could open a slide toward $3,500.
Indicators such as the RSI is at around 41 and MACD at -77 vs. -82 signal line point to weakening momentum.
Fusaka Upgrade
Yesterday, in a All Core Devs Consensus, Ethereum developers locked in a major network upgrade called Fusaka, scheduled for December 3, 2025. The upgrade includes features like PeerDAS, data-availability sampling and a higher gas-limit per block (up to ~150 million units). The goal is to vastly improve scalability while keeping security and decentralization intact.
The tests on multiple testnets (Hoodi, Sepolia, Holesky) have just been completed.
For users and developers alike, Fusaka promises a smoother, more capable network which could bolster confidence and usage over time.
ZKsync Atlas Upgrade
On the Layer-2 front, Atlas, the upgrade to the ZK Stack built by Matter Labs behind the ZKsync ecosystem has rolled out. This upgrade brings a high-performance sequencer capable of 15,000+ transactions per second and 1-second zero-knowledge finality.
Layer-2 chains built on ZKsync can tap directly into Ethereum’s liquidity, shortening settlement times between chains and eliminating separate liquidity hubs. In simple terms it will be faster, cheaper, more seamless transactions, potentially attractive to institutional players as well.
Final Thoughts
Right now, Ethereum is under a lot of pressure from different sides. ETF outflows are hurting confidence, options expiration made the drop worse, and technical support is shaky.
But the good news is that important updates will be available soon. If ETH can hold on to key support and start to rebuild, the positive effects of Fusaka and the Atlas upgrade could bring back interest.
Also Read: BNB Chain Completes Compensation for Oct 1 Security Attack Victims
