News analysis
Ethereum exchange withdrawals hit four-month high as ETF outflows pass $1 billion
· By MyCryptoSignal Editorial · 313 words
CryptoSlate reports that roughly 169,770 ETH left centralized exchanges on a net basis in a single day, the largest daily withdrawal in more than four months. Santiment put the move at about $407 million using a $2,400 reference price, with October ETF losses topping $1 billion.
The figure comes from Santiment data cited by CryptoSlate on Oct. 23. The outlet notes the last larger episode occurred on June 5, when about 223,800 ETH left exchanges in a day. CryptoSlate frames the October ETF losses above $1 billion alongside the withdrawal data, tying the two together in the same report.
The article was published on Oct. 24. CryptoSlate does not state in the summary what drove the withdrawals, and we have not independently verified Santiment's figures. The comparison to June is the only prior episode the source names.
As of 17:16 UTC, Ethereum traded at $2,314.73, down 3.82% over 24 hours, according to our collected data. The token is 3.82% lower over seven days and 13.68% lower over 30 days. Its 24-hour range ran from $2,286.76 to $2,407.12, and the RSI14 reading sits at 16.6 with a down trend and resistance at $2,381.18.
The wider market leaned the same way. Total crypto capitalization stood at $2.53 trillion, down 2.13% over 24 hours, with Bitcoin dominance at 63.7%. Bitcoin traded at $80,158, down 1.86% on the day. ETH's 24-hour decline was steeper than Bitcoin's, and its price sits below the $2,400 reference level CryptoSlate used to value the withdrawals.
The withdrawal figure describes coins moving off exchanges, while the price data shows ETH lower on the day, the week and the month, with an RSI14 of 16.6 and resistance at $2,381.18. The source's $1 billion ETF outflow figure and our $2.53 trillion total market cap, down 2.13%, describe the same window from two different angles.
Read the full story at CryptoSlate: https://cryptoslate.com/ethereum-sees-biggest-exchange-withdrawal-in-four-months-as-october-etf-losses-top-1-billion
Data, not advice.
Source: CryptoSlate — see our editorial policy.