Ethereum is showing a trading-flow pattern similar to the period before its June rebound, with nearly 169,770 ETH leaving exchanges in a single day. Santiment data shows the outflow was the largest in more than four months. While lower exchange balances can reduce the amount of ETH immediately available for sale, continued withdrawals from U.S. spot Ethereum ETFs suggest buyers have yet to move in with consistent conviction.
Ethereum was down about 2.34% as of October 24. Santiment compared the latest outflow with market conditions on June 5, when roughly 223,800 ETH left exchanges and ETH briefly fell to its lowest level since April 2025 before rebounding relatively quickly. The June outflows later marked a local buying opportunity, the analytics firm said, while cautioning that historical market patterns do not guarantee the same outcome this time.
Santiment Tracks Exchange Supply
From a market-structure perspective, ETH leaving exchanges may reduce the supply immediately available for selling in the short term. If substantial net outflows continue while ETH holds around current levels, the supply balance could gradually shift toward buyers. A single day of flow data, however, cannot by itself confirm a trend reversal. Whether coins continue to leave exchanges and whether prices can absorb selling pressure remain the key variables to watch.
The June 5 episode has drawn attention because the exchange outflows occurred at almost the same time as a price bottom and subsequent rebound. The latest outflow was smaller than the roughly 223,800 ETH recorded on June 5, but it was still the largest one-day outflow in more than four months. That makes it a notable signal of changes in investor holdings and exchange inventories.
U.S. Spot ETFs Continue to Lose Funds
The contraction in exchange supply is currently diverging from institutional fund flows in the United States. SoSoValue data shows that U.S. spot Ethereum ETFs recorded net outflows on 14 of the 16 trading days during the first 22 days of October, with cumulative withdrawals reaching $1.18 billion.
Over the same period, the combined net assets of U.S. spot Ethereum ETFs fell to $14.57 billion, the lowest level since August 21. Persistent ETF redemptions indicate that fresh demand through traditional financial channels remains limited, weakening the immediate price support that might otherwise come from the exchange outflow signal.
The market is therefore presenting two conflicting sets of data. ETH moving off exchanges could reduce short-term selling supply, while continued outflows from spot ETFs show that U.S. market demand remains insufficient. If exchange outflows continue to grow and ETF redemptions narrow, the market may have clearer evidence that supply and demand are improving. Until then, the June pattern remains a historical reference rather than confirmation of another rebound.