US spot Ethereum (ETH) exchange-traded funds (ETFs) experienced $201.9 million in outflows on October 6, the largest daily withdrawal since mid-September. The outflow marked the sixth consecutive day of withdrawals from ETH funds, while Bitcoin ETF funds attracted $118.9 million in inflows during the same period.
According to SoSoValue data, the outflow streak began on September 29 and has withdrawn $407.8 million from Ethereum ETFs over six days. This represents the longest sustained outflow period since a nine-day stretch from June 17 to 30. The recent withdrawals have erased nearly half of the $850.8 million that Ethereum ETFs accumulated during a seven-day inflow period immediately preceding the outflows.
Other digital asset ETFs also experienced weakness. Zcash (ZEC) and Solana (SOL) funds saw outflows of $89 million and $23.2 million, respectively. In contrast, Bitcoin ETFs recorded net inflows of $239 million across the same six-session period.
Despite the sustained outflows, ETH initially remained relatively stable, gaining 0.33% between September 29 and October 6. However, pressure intensified on October 6, when ETH declined 2.90% over 24 hours, reaching an intraday low of $2,591.71 before trading at $2,617.76 at press time.
The price decline triggered $164.88 million in liquidated ETH long positions over 24 hours, compared with $10.22 million in short positions, according to CoinGlass data.
Beyond ETF movements, multiple indicators point to weakening demand. CryptoQuant's Coinbase Premium Index has remained below zero since early September, currently reading -0.007. Additionally, the validator exit queue, which held zero ETH in mid-September, has grown to 837,187 ETH, suggesting stakers are reducing positions. The entry queue remains larger at 1.41 million ETH but has been declining.
Market sentiment has deteriorated alongside these metrics. Bearish social media posts about ETH outnumbered bullish ones as October began, marking the weakest sentiment since June 7.
On the technical front, analysts point to key support levels. First support exists between $2,547 and $2,565, with further support near $2,190. Resistance levels are positioned between $2,760 and $2,800.
Supply data presents a more neutral picture. CryptoQuant reports 14.7 million ETH on exchanges, down from approximately 21 million in mid-2025, indicating reduced selling pressure from this metric alone.
