Ethereum sees biggest exchange withdrawal in four months as October ETF losses top $1 billion
Santiment reported a net withdrawal of about 169,770 ETH from centralized exchanges on Oct. 23, worth roughly $407 million and the largest daily outflow in over four months. Exchange withdrawals can reduce immediately available sell-side inventory, but the data does not reveal whether coins moved to self-custody, staking or institutional custody, so it is not a reliable trading signal by itself. Meanwhile, US spot Ethereum ETFs had more than $1 billion in net outflows from Oct. 1–22, and only 27% of major altcoins outperformed Bitcoin over seven days. The signals suggest a possible ETH-specific rebound, not a broad altcoin rotation. The report identifies $2,500 as a level that would strengthen the rebound case and $2,330 as one that would weaken it, conditional on ETF flows and market breadth.
