A net 169,770 ETH left exchanges in one day, the largest withdrawal in more than four months, according to Santiment. US spot Ethereum ETFs, however, lost more than $1 billion in October through Oct. 22. Santiment names $2,500 and about $2,330 as the levels to watch.
About 169,770 ETH left centralized exchanges on net in one day, Santiment reported Oct. 23. That is the largest daily withdrawal in more than four months, worth about $407 million at the $2,400 reference price.
The last bigger episode came June 5, when roughly 223,800 ETH left exchanges. The June 5 reading was about 32% larger, and a single precedent gives a hypothesis in place of a trading rule. Coins that leave exchanges can go to self-custody, staking or institutional custody, and the data leaves their owners and motives unidentified.
Ethereum ETF demand moves the other way
Farside Investors' daily data shows US spot Ethereum ETFs had more than $1 billion in net outflows from Oct. 1 to Oct. 22, with 14 of 16 sessions negative. A preliminary $4 million inflow appeared for Oct. 23, with one fund's figure still unavailable.
Oct. 13, at $25 million, and Oct. 21, at $15 million, were the exceptions. The Oct. 21 inflow gave way to a $111 million outflow the next day.
Altcoin breadth narrows
Alpha Finance's Oct. 23 tracker finds 60% of eligible major altcoins outperforming Bitcoin over 90 days and 27% over seven days. The index calls altcoin season at 75% or more over 90 days, so 60% sits below that line.
The backdrop is a technology-led risk-off market. The Nasdaq Composite fell 2.6% to 26,009 on Oct. 22, its steepest drop since June, on worries about AI spending.
The levels Santiment is watching
Santiment treats $2,500 as the level that would strengthen the rebound case, and about $2,330 as the level that would weaken it, all conditional technical references. From $2,400, $2,500 is 4.2% higher and $2,330 is 2.9% lower.
If ETH slips below $2,330 as redemptions continue and seven-day breadth drops toward 25%, the withdrawal looks like an isolated supply event that failed to stop the decline.
Source: CryptoSlate
Trading involves risk.