169,770 Ether Withdrawn From Exchanges as Fund Outflows Top $1 Billion
Key Facts
A net 169,770 Ether left exchanges on Oct. 23, the largest single-day withdrawal in more than four months, according to Santiment data. CryptoSlate valued the amount at about $407 million, using a reference price of $2,400 per coin. The withdrawal came as Ether posted lower closes in the following days, according to EL7 data. It closed at $2,389.14 on Oct. 22, then $2,387.6 on Oct. 23 and $2,358.82 on Oct. 24. The cryptocurrency was at $2,358.92 on Oct. 25.
The exchange withdrawals coincided with a different trend in exchange-traded funds: net outflows from U.S. spot Ether funds exceeded $1 billion between Oct. 1 and Oct. 22, according to Farside Investors data cited by CryptoSlate. Fourteen of 16 sessions were negative during that period. The preliminary reading for Oct. 23 showed an inflow of $4 million, while the figure for one fund remained unavailable. This put fund flows in outflow territory in most sessions, alongside the withdrawal of coins from exchanges. But flow data alone does not show whether the coins moved to self-custody, staking or institutional custody, nor does it identify their owners or motives, according to CryptoSlate.
The event draws comparison with a larger withdrawal on June 5, when a net 223,800 Ether left exchanges, according to Santiment. The platform said this coincided with the price reaching its lowest level since April 2025 before quickly recovering, and described the event as a local buying opportunity. The June withdrawal was about 32% larger than the October reading, according to CryptoSlate. However, the platform noted that one precedent is not enough to turn the comparison into a trading rule. The size of the current withdrawal alone therefore does not establish whether it reflects new demand or simply a change in where the coins are held.
In its assessment of price levels, Santiment considered $2,400 the immediate pivot for Ether. It said a recovery of $2,500 and a sustained move above it would strengthen the case that a bottom was forming, while a fall below about $2,330 would weaken it. These levels came as EL7 data showed a close of $2,358.82 on Oct. 24, followed by $2,358.92 on Oct. 25. The Oct. 23 close was $2,387.6, after $2,389.14 the previous day. The recorded closes thus remained below the $2,400 reference level cited by Santiment.
In broader markets, shares linked to artificial intelligence fell and weighed on global markets on Oct. 22, according to the Associated Press. The report said concerns included the cost of building data centers and buying AI chips, as well as higher oil prices tied to fears of war with Iran. Brent crude jumped 4% to $113.17 a barrel after touching its highest level in five months, the report said. This provides context for asset moves that day, while Ether’s closing prices and fund flows remain separate indicators of the cryptocurrency’s trajectory. The agency’s report did not identify a single cause for Ether’s move.
On the network front, the Ethereum Foundation announced on Oct. 22 that the Glamsterdam upgrade on the Hoodi testnet had been postponed. The foundation said core developers decided to delay the upgrade to allow more investigation into the interactions between proposal EIP-8037 and smart contracts on the mainnet. The decision canceled the activation schedules for the execution and consensus layers, and the planned increase in the gas limit to 200M at the activation epoch was also removed. The foundation did not set a new date, saying an updated upgrade schedule would be announced later. It urged node operators and validators to update software and settings that still target the old date.
Glamsterdam was activated on the Sepolia testnet on Oct. 6, 2026, according to an Ethereum Foundation announcement. The roadmap places the expected mainnet upgrade in the fourth quarter of 2026, with no confirmed date. The previously published Hoodi schedule showed a date that was canceled by the postponement announcement and does not represent an updated test date. The Hoodi delay applies to the testnet, according to the foundation, and requires no action from mainnet users or Ether holders. The foundation says the replacement activation date will be announced later.