Ethereum Withdrawals Spike
Ethereum (ETH) experienced a significant outflow from centralized exchanges on Oct. 23, with net withdrawals totaling 169,770 ETH. This represents the largest single-day withdrawal in over four months, according to data from Santiment. At a reference price of $2,400, the withdrawn ETH is valued at approximately $407 million.
The previous largest daily withdrawal occurred on June 5, when roughly 223,800 ETH left exchanges, coinciding with what Santiment identified as a potential buying opportunity. The current surge in outflows arrives amid substantial losses for Ethereum-based exchange-traded funds (ETFs) throughout October.
ETF Losses Top $1 Billion
October has proven to be a challenging month for Ethereum ETFs, with cumulative losses exceeding $1 billion. This downturn may be driving investors to remove their ETH from exchanges, potentially seeking alternative custody solutions or deploying capital elsewhere. The data suggests a shift in investor behavior as ETF performance falters.
The increased outflow from exchanges is often interpreted as a bullish signal, indicating a belief among holders that prices will rise and that holding ETH directly is preferable to leaving it on an exchange. However, it's crucial to consider the broader market context and the specific factors influencing ETF performance.
Market context
Market data reflects conditions at publication time and is not updated in real time.
Data captured at: Oct 25, 2026 02:42 (Tehran)
Likely market impact
| Segment | Outlook |
|---|---|
| Bitcoin | ● Neutral |
| Ethereum | ▲ Positive |
| Altcoins | ● Neutral |
| Short term | ▲ Positive |
| Long term | ● Neutral |
Spot prices at publication
Fear & Greed Index
Chart
Source: CryptoSlate