In Brief
- ETH spot volume delta drops -180K ETH, signaling strong selling pressure
- ETFs see $141.7M inflows led by BlackRock and Fidelity, reversing outflows
- CME futures open interest nears record highs as ETH tests $3,760 support
Ethereum is facing renewed pressure as spot volume delta across exchanges turns sharply negative, according to Glassnode data. Over 180,000 ETH in net outflows were recorded, marking one of the largest single-day sell-offs this year.
Despite prices holding near the $3,900–$4,000 level, demand from buyers remains weak, with green volume bars nearly absent. This indicates that any recent rallies lack sustained spot support, limiting Ethereum’s ability to maintain upside momentum.
At the same time, Ethereum ETFs posted $141.7 million in net inflows on October 21, per data shared by TedPillows. BlackRock and Fidelity led the recovery with a combined $101.6 million, reversing the prior day’s large outflows.
The inflow signals renewed institutional interest, especially as combined ETF purchases also included $477 million in Bitcoin, reflecting broader market appetite. However, rising spot selling continues to weigh on near-term price action despite this ETF activity.
CME Futures Open Interest Rises as ETH Holds Near Support Zone
Meanwhile, CryptoQuant reports that Ethereum CME futures open interest has surged to 2.25 million contracts, nearing record highs. This growth shows increased institutional positioning in the derivatives market, focused on 1–3 month expiry periods.
The trend suggests large investors are preparing for possible volatility or positioning for an eventual breakout. However, LennaertSnyder notes that ETH must reclaim $4,059 to confirm bullish continuation, with $3,760 acting as critical short-term support.
Failure to hold support could drag ETH toward the $3,500–$3,600 range, invalidating recent bullish setups. As of now, ETH trades at $3,836.03, down 0.69% daily and 7.94% over the week, according to CoinMarketCap.
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Source: https://coincu.com/analysis/ethereum-struggles-below-4k-as-weak/