169,770 ether left exchanges in a day as US ETF outflows pass $1 billion
About 169,770 ether left centralised exchanges on net in a single day on Oct. 23, the largest daily withdrawal in more than four months and worth roughly $407 million at a $2,400 reference price, according to the crypto analytics firm Santiment. The move cuts the coin inventory immediately available for sale on exchanges, but it lands in the middle of a technology-led risk-off market rather than a rally.
The supply signal sits awkwardly beside demand. Farside Investors' daily data shows US spot Ethereum ETFs took in more than $1 billion of 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. The last bigger withdrawal episode came on June 5, when roughly 223,800 ether left exchanges, about 32% more than October's reading, near what Santiment called a local buying opportunity.
Santiment tracks coins moving between monitored exchange addresses and other destinations, while Farside tracks money entering and leaving regulated funds, so the two readings use different units and time frames. Coins that leave exchanges can go to self-custody, staking or institutional custody, and the data does not identify their owners or motives. Alpha Finance's Oct. 23 tracker, meanwhile, finds 60% of eligible major altcoins outperforming Bitcoin over 90 days and 27% over seven days, below the 75% the index uses to call altcoin season.
The backdrop is a technology-led sell-off. The Nasdaq Composite fell 2.6% to 26,009 on Oct. 22, its steepest drop since June, on worries about AI spending, while Treasury yields fell sharply as investors sought safety. The Fed raised its target range to 3.75% to 4% in September and meets on Oct. 27 and 28.
Santiment sets $2,500 as the level that would strengthen the rebound case and about $2,330 as the level that would weaken it, both conditional technical references. Ether holding above $2,500 while withdrawals continue, ETF flows turning positive for several sessions and seven-day altcoin breadth climbing back toward 50% would give the supply signal demand behind it. A slip below $2,330 as redemptions continue and breadth falls toward 25% would leave the withdrawal looking like an isolated supply event that failed to stop the decline.
