Ethereum faced renewed pressure as its price dropped below the 50-day simple moving average, trading near $2,491 on October 10. Over the past seven days, Ether lost more than 7% in value and saw trading volumes fall sharply to $7.2 billion, down 61% from previous levels.
ETF outflows hit record since January
U.S. spot Ethereum exchange-traded funds (ETFs) experienced net outflows totaling $542 million for the week ended October 9, according to SoSoValue data. This marked the largest weekly withdrawal since January. BlackRock’s iShares Ethereum Trust (ETHA), managed by leading asset manager BlackRock, recorded outflows of about $477 million—the highest weekly redemption in the fund’s history since December 2025. During the same period, U.S. spot Bitcoin ETFs also registered significant pressure, with outflows reaching $681 million.
These ETF outflows indicate that some institutional investors are reducing exposure to Ethereum through listed products. Although not all investors are selling Ether itself, the withdrawal streak has weakened a crucial source of demand amid a broader market decline. This trend could limit any short-term attempts by Ether to recover above resistance levels.
Institutional withdrawals from U.S. spot Ethereum ETFs totaled $542 million in one week, with BlackRock’s ETHA leading the exodus at roughly $477 million. Outflows from Bitcoin ETFs hit $681 million over the same period.
While ETFs recorded heavy outflows, market analysts observed that large investors—often called ‘whales’—were buying. Ali Martinez, a noted crypto analyst, estimated that big holders accumulated approximately 166,000 ETH and 15,000 BTC in just 72 hours, along with around 45 million XRP.
The simultaneous uptick in whale accumulation introduces a complex dynamic for Ethereum’s outlook. While these large wallets could be absorbing supply, the overall market impact remains uncertain if ETF outflows and retail selling continue to outweigh buy-side interest from whales.
Mini dictionary: SoSoValue is a crypto analytics platform that provides in-depth monitoring of exchange-traded fund flows, on-chain activity, and other digital asset market statistics.
Exchange inflows and futures data add caution
Further risks emerged as trading platform CoinGlass registered an increase in Ethereum balances on exchanges, rising by 90,000 ETH from 11.71 million ETH on October 8 to 11.8 million the following day. This figure represented the highest exchange holding since late September. Typically, rising balances suggest an increased readiness among investors to sell, although not all tokens transferred to exchanges are necessarily liquidated immediately.
Meanwhile, Ethereum futures open interest fell from 13.29 million to 12.77 million ETH, signaling a reduction in outstanding leveraged positions. Lower open interest can ease some liquidation pressure but also reflects a more cautious stance among traders, with less appetite for new risk. The combination of higher exchange inflows and lower futures positions suggests that many market participants are trimming exposure as spot supply expands.
| Metric | Previous Value | Latest Value | Change |
|---|---|---|---|
| ETH on exchanges | 11.71 M | 11.80 M | +90,000 ETH |
| ETH futures OI | 13.29 M | 12.77 M | -0.52 M ETH |
| 7-day ETH price | n/a | $2,491 | -7% |
| Weekly ETF outflows | n/a | $542 M | Record since Jan |
From a technical perspective, Ether fell below its 50-day simple moving average and found new resistance at $2,500. The daily relative strength index (RSI) dipped to 39, its lowest since June. The next major support is now seen at $2,370, with a breakdown potentially targeting the 100-day average near $2,200. Reclaiming $2,500 and the 50-day SMA would be necessary for a bullish reversal.
Market observers noted that signals from ETFs and on-chain whales can diverge, reflecting different types of participants. ETF flows monitor institutional activity through regulated products, while whale tracking looks at large on-chain movements. Sustained demand from big investors could offset selling, but only if it persists beyond short-term trading windows.
While ETF outflows have accelerated, large holders accumulated 166,000 ETH in three days, highlighting a possible tug-of-war between institutional redemptions and whale buying.
Looking ahead, traders are watching for signs of continued whale accumulation or further withdrawals from ETF investors. If ETF outflows persist and selling pressure increases, Ethereum could remain vulnerable to additional declines. Conversely, stabilized demand and recovery above key technical levels could steady the price in the near term.
