Ethereum News Today: Crypto ETFs Bleed as Profit-Taking and Geopolitical Jitters Fracture Investor Confidence

Crypto markets remain under pressure as Bitcoin and Ethereum ETFs returned to outflows on October 22, signaling renewed investor caution, as reported by crypto.news. Bitcoin ETFs recorded $101.3 million in redemptions, reversing a $477 million inflow the previous day, while Ethereum ETFs lost $18.8 million after a brief rebound, Coinpedia reported. The pullback underscores a broader market slump, with Bitcoin trading near $109,783 and Ethereum hovering around $3,869, both struggling to regain momentum.

The outflows reflect a week-long trend of underperformance for BTC and ETH tracking funds. BlackRock's IBIT managed $73.6 million in inflows, but Fidelity's FBTC and Grayscale's GBTC each lost $56 million, highlighting fragmented demand. Meanwhile, Ethereum ETFs saw BlackRock's ETHA as the sole positive performer, adding $110.7 million, while Grayscale's ETHE and ETH funds combined for $80 million in losses.

Ethereum's price action intensified amid profit-taking driven by the Ethereum Foundation's $650 million ETH wallet migration. Investors booked over $700 million in profits within 24 hours, an FXStreet report said, pushing ETH below $3,800 briefly. The Foundation clarified the transfer was a routine multisig wallet update, but historical patterns suggest such moves often trigger selling pressure.

Amid the volatility, a single address has amassed significant positions in Ethereum (ETH), Solana (SOL), PUMP, and FARTCOIN, with batched take-profit orders indicating strategic capital management. The address's activity aligns with broader market uncertainty, as investors hedge against further declines in both blue-chip and speculative assets.

In a separate development, Japan's JPYC stablecoin—pegged 1:1 to the yen—launched on October 27, backed by domestic savings and government bonds, Lookonchain reported. The initiative, aimed at integrating traditional finance with crypto, faces hurdles in competing with U.S. dollar-pegged stablecoins but could bolster Japan's digital financial infrastructure. Initial transaction fees are waived to attract users, with revenue expected from bond interest, Bitcoin World reported.

The crypto market's fragility was further highlighted by Ethereum's 18% drop to $3,370 following a geopolitical shockwave on October 10-11, as risk-off sentiment spread across asset classes, TradingView noted. Analysts warn that ETH could fall to $2,850 if it breaches key support levels, compounding pressures from ETF outflows and profit-taking.