ETH exchange outflow hits 169,770 as US ETFs bleed 1.18B

Ethereum (ETH) saw roughly 169,770 coins leave exchanges on net, according to Santiment. This marked the largest outflow day in over four months, a pattern last observed just before Ethereum’s rebound in June.

Reduced coin availability on exchanges typically indicates less supply ready for sellers. However, US spot Ethereum funds recorded $1.18 billion in net outflows in October, indicating that buyers have not yet followed the supply tightening.

Santiment Links Outflow to June Rebound

Santiment connected the latest spike to June 5, when approximately 223,800 ETH left exchanges. On that date, ETH dropped to its lowest price since April 2025. The firm noted that the June 5 outflow marked a local buy point, with the price recovering quickly.

Santiment cautioned that history does not guarantee a repeat of the June pattern. The firm stated that if large outflows continue while ETH holds current levels, supply would increasingly favor buyers. However, fund data suggests many buyers are still waiting.

ETF Withdrawals and Weak US Demand

US spot Ethereum exchange-traded funds (ETFs) recorded net outflows on 14 of 16 trading days in October, per SoSoValue. Those withdrawals totaled $1.18 billion through October 22. Over the same period, total net assets for US spot Ethereum ETFs slipped to $14.57 billion, the lowest level since August 21.

Coinbase buyers also appear hesitant. CryptoQuant’s Coinbase Premium Index read -0.134 after sliding through most of October. A negative reading indicates that ETH trades lower on Coinbase than on Binance, often interpreted as weaker US demand.

Exchange-wide cash reserves have also thinned. Stablecoin reserves on major exchanges have drained since April, leaving less fresh capital available to buy dips.

Analysts Divide on Support Levels

ETH traded at $2,377.29 at press time, down 1.03% over the past 24 hours. This places the asset just below $2,400, which Santiment identified as the immediate pivot level. The firm stated that a sustained reclaim of $2,500 would strengthen the bottoming case, while losing about $2,330 would weaken it.

Analyst Ted Pillows set a higher threshold for a trend change. Pillows noted that ETH tapped the $2,350-$2,360 support zone and is bouncing back. He stated that overall momentum remains weak and will not change until ETH reclaims $2,550.

Michaël van de Poppe looks below Santiment’s $2,330 line for an entry point. He expects new highs once the correction ends. “I’d be max bidding everything beneath $2,300 as then I think that we’ll reverse quite quickly,” van de Poppe said.

Analyst Ash Crypto pointed to a bullish inverse head and shoulders pattern forming on the weekly chart. He added that the upside could be significant if the setup plays out.

If outflows continue while ETH holds above $2,330, the June comparison may remain relevant. A break lower would put van de Poppe’s sub-$2,300 zone in play.