Ethereum ETFs Draw $189 Million in Biggest Single-Day Haul in 10 Months

On October 23, 2026, about 169,770 ETH left centralized exchanges on net in a single day, the largest daily withdrawal in more than four months, according to Santiment. At a $2,400 reference price, that is worth roughly $407 million. The move came as US spot Ethereum ETFs had recorded more than $1 billion in net outflows through October 22, per Farside Investors, before a preliminary $4 million inflow appeared for October 23. Santiment flagged $2,500 as a level that would strengthen the bottoming case and about $2,330 as one that would weaken it. The headline figure of $189 million in the prompt is not supported by the source texts provided.

Background

The source material describes a market where two signals are pulling in opposite directions. Santiment tracks coins moving between monitored exchange addresses and other destinations, and its October 23 reading showed a net 169,770 ETH leaving exchanges, the biggest such daily withdrawal since June 5, when roughly 223,800 ETH left. Exchange balances are a proxy for coins immediately available for sale on centralized venues, so a large net withdrawal can reduce that inventory. Farside Investors tracks net money entering and leaving regulated funds, and its daily data showed US spot Ethereum ETFs with more than $1 billion in net outflows from October 1 to October 22, with 14 of 16 sessions negative. The exceptions were October 13 at $25 million and October 21 at $15 million, and the October 21 inflow gave way to a $111 million outflow the next day. The broader backdrop described is a technology-led risk-off market: the Nasdaq Composite fell 2.6% to 26,009 on October 22, its steepest drop since June, on worries about AI spending, while the Dow was roughly flat and the Russell 2000 edged up. The Fed raised its target range to 3.75% to 4% in September and was due to meet October 27 and 28. Treasury yields fell sharply on October 22 as investors sought safety.

What happened

Santiment reported on October 23 that about 169,770 ETH left centralized exchanges on net in one day, 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 June reading was about 32% larger than October's. The source notes that coins leaving exchanges can go to self-custody, staking or institutional custody, and the data leaves their owners and motives unidentified. Separately, Farside Investors' daily data showed US spot Ethereum ETFs had more than $1 billion in net outflows from October 1 to October 22, with 14 of 16 sessions negative. The table showed a preliminary $4 million inflow for October 23, with one fund's figure still unavailable. October 13 at $25 million and October 21 at $15 million were the exceptions, and the October 21 inflow gave way to a $111 million outflow the next day. Alpha Finance's October 23 tracker found 60% of eligible major altcoins outperforming Bitcoin over 90 days and 27% over seven days; the index calls altcoin season at 75% or more over 90 days. In an October 17 post, trader 0xsweep said whales were building ETH longs like there's no tomorrow. Santiment treats $2,400 as the reference price, $2,500 as the level that would strengthen the rebound case and about $2,330 as the level that would weaken it; from $2,400, $2,500 is 4.2% higher and $2,330 is 2.9% lower.

Market impact

The source texts contain no figure of $189 million for Ethereum ETF inflows; the only ETF flow numbers present are Farside Investors' more than $1 billion in net outflows from October 1 to October 22, the preliminary $4 million inflow for October 23, the $25 million inflow on October 13, the $15 million inflow on October 21 and the $111 million outflow on October 22. The exchange withdrawal is valued at about $407 million at the $2,400 reference price. Santiment's conditional levels are $2,500, which is 4.2% above $2,400, and about $2,330, which is 2.9% below. Alpha Finance's breadth readings are 60% over 90 days and 27% over seven days, against a 75% altcoin-season threshold. The Nasdaq Composite fell 2.6% to 26,009 on October 22, its steepest drop since June. The Fed's target range is 3.75% to 4%, set in September, with a meeting on October 27 and 28. Treasury yields fell sharply on October 22. The sources do not provide an ETH spot price beyond the $2,400 reference, nor any ETF asset total.

Why it matters

The sources frame the exchange withdrawal as a supply signal that needs demand behind it. Santiment's conditional path is explicit: if ETH holds above $2,500 while withdrawals continue, ETF flows turn positive for several sessions and seven-day altcoin breadth climbs back toward 50%, the supply signal would have demand behind it. If ETH slips below $2,330 as redemptions continue and seven-day breadth drops toward 25%, the withdrawal looks like an isolated supply event that failed to stop the decline. The source also cautions that a single precedent gives a hypothesis in place of a trading rule, and that the data leaves the owners and motives of the withdrawn coins unidentified. On the ETF side, the more than $1 billion of net outflows through October 22 and the preliminary $4 million inflow for October 23 are the figures the source supports, not a $189 million haul. The altcoin breadth readings of 60% over 90 days and 27% over seven days sit below the 75% altcoin-season line, so an ETH-specific rebound can coexist with weakness across smaller tokens. The source adds that a hawkish Fed repricing or another energy spike would widen the negative path.