Ethereum Records Largest Exchange Outflow in Over Four Months

Roughly 169,770 ether coins left exchange wallets on a net basis on a single day, according to Santiment. It was the biggest daily outflow in more than four months, echoing the pattern observed immediately before the price recovery in June.

A lower coin supply on exchanges typically suggests less is available for sellers. Despite that, US spot Ethereum funds have seen $1.18 billion exit them in October, meaning buyers so far have not stepped in.

Santiment Highlights Parallel with June 5 Rebound

Santiment compared the recent outflow to June 5, a day on which roughly 223,800 ETH moved off exchanges. ETH dropped to its cheapest level since April 2025 on that same day.

That withdrawal represented a buying opportunity at the time, and prices rebounded swiftly. The analytics provider warned, however, that past patterns do not necessarily repeat themselves.

According to the firm, sustained large withdrawals alongside steady prices would tilt supply dynamics in buyers' favor. Fund flows, though, imply many participants remain on the sidelines.

US ETF Flows and Coinbase Demand Show Weakness

Over 14 out of the first 16 trading sessions in October, US spot ether ETFs posted net capital withdrawals, data from SoSoValue shows.

Withdrawals reached $1.18 billion through October 22. During the same interval, total net assets fell to $14.57 billion, their weakest since August 21.

Coinbase traders also appear cautious. The Coinbase Premium Index from CryptoQuant sat at -0.134 after declining during much of October.

A negative value signals that ether changes hands at a lower price on Coinbase compared to Binance, an indicator widely interpreted as diminished demand from the US.

Cash available on exchanges has also shrunk. A BeInCrypto report noted that stablecoin reserves across leading platforms have been drawn down since April, reducing the ready capital to purchase price declines.

The divergence between contracting supply and tepid demand means analysts disagree on where ether will ultimately settle.

Analysts Weigh Ethereum's Price Support Levels

At the time of writing, ether was changing hands at $2,377.29, a 1.03% drop over the previous 24 hours. It sits just beneath the $2,400 level that Santiment describes as the key near-term threshold.

A durable recovery above $2,500 would reinforce the idea that the asset has bottomed out, the firm states. Dropping to around $2,330, conversely, would undermine that thesis.

Analyst Ted Pillows places his requirement for a trend reversal a bit higher.

"$ETH tapped the $2,350-$$2,360 support zone and is now bouncing back.
Overall momentum is still weak for Ethereum and it won't change until it reclaims $2,550."

— Ted (@TedPillows)

Michaël van de Poppe, by contrast, sees an entry point below Santiment's $2,330 level. He anticipates fresh price peaks following the end of the current correction.

"I'd be max bidding everything beneath $2,300 as then I think that we'll reverse quite quickly," the analyst said.

Separately, analyst Ash Crypto highlighted a bullish inverse head-and-shoulders formation emerging on the weekly timeframe. If that pattern resolves as expected, he noted, the upward potential is considerable.

Should the exchange outflows persist with ether remaining above $2,330, the parallel with June could endure. A drop below that level would activate van de Poppe's sub-$2,300 target zone.