Ethereum sees biggest exchange withdrawal in four months as October ETF losses top $1 billion

About 169,770 ETH left centralized exchanges on net in one day, Santiment reported Oct. 23, the largest daily withdrawal in more than four months and worth about $407 million at the $2,400 reference price.

The last bigger episode came June 5, when roughly 223,800 ETH left exchanges near what Santiment calls a local buying opportunity.

The supply reading arrives as US spot Ethereum ETFs sit on more than $1 billion of net withdrawals through Oct. 22, and 27% of major altcoins have beaten Bitcoin over seven days.

Exchange balances proxy for the coins immediately available for sale on centralized venues, and a large net withdrawal can reduce that inventory.

The June 5 reading was about 32% larger than October's, and a single precedent gives a hypothesis in place of a trading rule. Coins that leave exchanges can go to self-custody, staking or institutional custody, and the data leaves their owners and motives unidentified.

Farside Investors’ daily data shows US spot Ethereum ETFs had more than $1 billion in net outflows from Oct. 1 to Oct. 22, with 14 of 16 sessions negative. The table showed a preliminary $4 million inflow for Oct. 23, with one fund’s figure still unavailable.

Oct. 13, at $25 million, and Oct. 21, at $15 million, were the exceptions, and the Oct. 21 inflow gave way to a $111 million outflow the next day.

Santiment tracks coins moving between monitored exchange addresses and other destinations, and Farside tracks net money entering and leaving regulated funds, with different units and time frames.