Ethereum recorded the largest daily outflow from exchanges in more than four months: according to Santiment, about 169,770 ETH left the exchanges. This is the biggest figure in over 4 months, a similar pattern was observed before the June rebound.
Santiment linked the surge to June 5, when about 223,800 ETH left the exchanges. On that day, ETH fell to its lowest point since April 2025, which became a local buying point, and the price quickly recovered. However, the firm warned that history does not guarantee repetition.
If large outflows continue and ETH holds at current levels, the supply will increasingly favor buyers, noted Santiment. However, fund data suggests that many buyers are still waiting.
Funds and demand in the US
American spot ETFs on Ethereum recorded net outflows in 14 out of 16 trading days in October, according to SoSoValue. Total outflows amounted to $1.18 billion as of October 22, and total net assets fell to $14.57 billion, the lowest since August 21.
Buyers on Coinbase are also cautious: the Coinbase Premium index from CryptoQuant was minus 0.134, indicating weaker demand in the US. Stablecoin reserves on major exchanges have been shrinking since April, leaving less fresh money to buy dips.
Large holders continue to sell
According to Lookonchain, an early Ethereum investor sold 3,000 ETH worth about $7.23 million. The tokens were bought 9 years ago at $18.83, providing a return of about 128 times. Another OG investor sold 1,000 ETH after buying at the ICO, initially acquiring 100,000 ETH at $0.31. Together, the two long-term holders sold 4,000 ETH.
Additionally, according to CryptoQuant analytics, Futures Taker CVD on Ethereum continues to show seller dominance: aggressive futures selling consistently exceeds buying, which contrasts with large outflows from exchanges and may offset recovery prospects.
Technical picture and levels
ETH was trading at $2,377.29, down 1.03 percent over 24 hours. This is slightly below $2,400, which Santiment called the nearest reversal level. A sustained return to $2,500 would strengthen the bottom scenario, while a loss around $2,330 would weaken it.
Analyst Ted Pillows notes that ETH tested the support zone of $2,350 and $2,360 and is bouncing back, but the overall momentum remains weak and will not change until $2,550 is regained. Michaël van de Poppe is waiting for a price below $2,300 to enter and expects new highs after the correction is completed. Ash Crypto points to the formation of a bullish inverse head and shoulders pattern on the weekly chart.
On the daily chart, ETH failed to hold the recovery to $2,540.68 and rolled back to $2,376.62, losing key support at $2,385.62. Parabolic SAR remains above the market at $2,509.93, MACD maintains a bearish crossover with a negative histogram of minus 8.90. Until the bulls reclaim $2,385, ETH may continue to decline to $2,300.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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