Ether traded near $2,320 on Monday, down about 1% on the day and softer on the week, as a well known seller, a delayed network test and another thin ETF session landed in the same Fed week. CoinGlass data cited by Crypto Times showed about $44 million of ETH futures liquidated over 24 hours, with roughly 74% of that from long positions. The largest single print was a long worth about $6.97 million on Binance's ETH/USDT pair. Across crypto, liquidations were about $156 million. Open interest on ether futures was still above $30 billion, so a break under the $2,300 to $2,400 band that has held late October could force more selling. Bitcoin's own test of $80,000 is in today's lead.
Hayes closes the directional book
Arthur Hayes, BitMEX co-founder and chief investment officer of the family office Maelstrom, said on X on Saturday that he had closed the fund's directional book. "I dumped it all," he wrote, adding that crypto may need to fall further before it can rise and that he would wait, given macro and geopolitical risk. On-chain tracker Lookonchain said wallets linked to Hayes sold about $22.28 million across seven assets. The largest piece was 6,400 ETH, about $15.2 million, an implied price near $2,375. The sales also included about 14 million Ethena tokens, worth about $2.76 million, and about 323,000 Uniswap, worth about $2.24 million. CoinDesk said the DeFi index was the only CoinDesk index higher on Monday, with Uniswap and Ethena up, even after that sale.
Glamsterdam waits, and ETF demand stays thin
The Ethereum Foundation said on 22 October that core developers had postponed the Glamsterdam upgrade on Hoodi, the public test network used to rehearse changes before mainnet. Activation had been set for 26 October at 17:42:48 UTC, epoch 132,352. On All Core Developers Execution call 248, developers asked for more time to study how EIP-8037, which raises and separately meters the gas cost of creating new state, interacts with contracts already on mainnet. ChainSecurity had warned on 13 October that the new gas rules could let a caller send too little gas so a contract records a real action as a failure. Sepolia already activated Glamsterdam on 6 October. No mainnet date has been set, and holders do not need to do anything.
The funds are not filling the gap. US spot ether ETFs have lost about $1.18 billion in October, with inflows on only three of 17 sessions, Farside data show. Friday was one of them, a $4.4 million inflow led by Fidelity's FETH at $3.6 million, after Thursday's $110.6 million outflow. The week still lost about $220.7 million. BlackRock's ETHA did most of the month's selling and was flat on Friday. A durable bounce needs inflows back, a new Hoodi date, or a calmer tape after Wednesday's Fed decision. Until then, rallies have a thin bid. See the rest of the day's prices on our markets page, and earlier ether ETF weeks in the $320 million outflow note.