Net Outflow of 169,770 Ethereum From Exchanges Marks Largest Flow in Four Months
Key Facts
About 169,770 Ethereum left trading platforms on a net basis on 22 October, the largest daily outflow in more than four months, according to Santiment. The platform said in a commentary: "About 169,770 Ethereum just left exchanges on a net basis, the largest outflow day in more than four months." This means the net movement recorded that day was larger than any daily outflow during the preceding period of more than four months. The move coincided with outflows from exchange-traded Ethereum funds, which recorded a net outflow of 110.6 million dollars on 22 October, according to Farside Investors’ table. The overlap between exchange and fund movements places the day in the context of mixed flow pressures on the market, without establishing that one caused the other.
Fund outflows were not limited to the 22 October session; they totaled 542.2 million dollars net during the week of 5 to 9 October, according to Farside data. That period included daily outflows of 50.8 million dollars on 5 October, 201.9 million dollars on 6 October, 160.9 million dollars on 7 October, 72.5 million dollars on 8 October and 56.1 million dollars on 9 October. In the following week, from 12 to 16 October, the funds recorded net outflows of 320.1 million dollars. This total comprised a positive flow of 24.8 million dollars on 13 October, and outflows of 85.4 million dollars on 12 October, 129.5 million dollars on 14 October, 60.3 million dollars on 15 October and 69.7 million dollars on 16 October. The figures show that the weekly net result was negative in both periods, despite a positive flow in one session.
Flows improved temporarily near the end of the month, as Ethereum funds recorded a positive net flow of 14.9 million dollars on 21 October, before returning to a net outflow of 110.6 million dollars the following day. Farside’s table then showed a net flow of 0.0 million dollars on 23 October. The daily figures therefore moved from a positive flow on 21 October to an outflow on 22 October and a reading of zero the next day. Over the period, Ethereum funds recorded cumulative net flows of 12,743.3 million dollars through 23 October, according to the same table. This total aggregates the funds’ cumulative flow history, while the daily and weekly figures reflect fluctuations in money movement during October.
Santiment’s current comparison goes back to 5 June, when about 223,800 Ethereum left exchanges on a net basis, as the price fell to its lowest level since April 2025. Santiment Community Insights said the price recovered quickly after that move, which it described as an "exceptional local buying opportunity." The example indicates that a large exchange outflow preceded a rapid recovery in June, but it does not determine the course of the current move. In its analysis of October’s activity, Santiment said that fewer coins on exchanges generally mean a smaller supply immediately available for sale. It also cautioned that history does not guarantee October’s surge represents a new bottom, limiting the extent to which the flow alone can be treated as a decisive signal for price direction.
EL7’s daily data showed Ethereum against the dollar closing at 2,389.14 dollars on 22 October, then at 2,387.6 dollars on 23 October and 2,368.66 dollars on 24 October. These closes show a decline between 23 and 24 October, with both closes remaining below the 2,400-dollar level Santiment described as the near-term price pivot. Santiment’s analysis published on 23 October identified a sustained recovery above 2,500 dollars as a factor supporting the case for a bottom, while a drop below about 2,330 dollars could weaken it. These are levels to watch cited in the analysis; the closing-price record alone does not confirm either scenario. The next developments identified in the analysis are whether the price holds relative to the near-term pivot, recovers 2,500 dollars or falls below about 2,330 dollars.