U.S. spot Ethereum ETFs saw approximately $542 million in net withdrawals for the week ended October 9, their largest weekly outflow since late January, according to SoSoValue data. BlackRock's iShares Ethereum Trust (ETHA) accounted for roughly $477 million of those redemptions, marking the fund's largest weekly withdrawal since December 2025. Bitcoin ETFs also faced pressure during the period, with $681 million in outflows.
Ethereum traded near $2,491 on October 10, down more than 7% over the prior seven days as trading volume fell 61% to $7.2 billion. The cryptocurrency broke below its 50-day simple moving average, with the relative strength index slipping to 39, its lowest reading since June. Traders are now watching the $2,370 support level, with the 100-day average near $2,200 marking the next potential downside target.
Whale Accumulation Provides Counterpoint to ETF Outflows
Despite the outflow pressure, large wallet holders added approximately 166,000 ETH over a 72-hour period, alongside purchases of Bitcoin and XRP. This whale accumulation presents a divergence from the ETF redemption trend. ETF flows capture demand from listed products, while whale data tracks on-chain balance changes—signals that can move independently depending on which investor segments are buying or selling.
The sustainability of whale buying beyond the 72-hour window remains uncertain. Continued accumulation could absorb supply pressure, but a pause would leave ETF redemptions as the clearer demand indicator.
Exchange Balances and Futures Open Interest Signal Reduced Exposure
Exchange data added pressure on the price outlook. Ethereum balances on trading platforms rose by 90,000 ETH between October 8 and October 9, reaching 11.8 million ETH—the highest level since September 23. While coins transferred to exchanges may indicate preparation for sale, such transfers alone do not confirm liquidation.
Futures open interest declined from 13.29 million to 12.77 million ETH during the period, suggesting reduced outstanding positions and possible deleveraging. The combination of rising exchange balances and lower open interest indicated traders were reducing leverage as spot supply increased.
Support levels will guide the near-term price direction. A daily close below $2,370 would strengthen the bearish outlook and put the 100-day moving average near $2,200 in focus. A defense of $2,370 could stabilize the market, while a recovery above the 50-day average would provide bulls a stronger signal.
