Key Insights:
- BlackRock withdrew $101M in ETH, driving the largest single-day ETF outflow this month.
- ETH saw 18K tokens moved to Binance, matching the ETF outflow activity on-chain.
- Ethereum holds $3,850 support while forming a falling wedge, eyeing breakout toward $4,400.
Ethereum ETF products saw $93.6 million in net outflows on October 24. Most of this came from BlackRock’s ETHA fund, which withdrew $101 million, making it the largest single-day selloff among ETH ETFs this month.
Other issuers, including Fidelity, Bitwise, VanEck, and Invesco, recorded no activity. Grayscale’s ETHE product reported a small inflow of $7.4 million, offering limited offset to the broader move. The data suggests this was not a coordinated market exit but rather a large repositioning from one provider.
On-Chain Data Shows ETH Moving to Exchanges
Exchange data from Binance shows a net inflow of 18,000 ETH on the same day. That means more ETH entered the exchange than left, often a sign that holders may be preparing to sell or reallocate.
The timing lines up closely with the ETF redemptions. Some traders believe institutional ETH from ETFs was moved directly to exchanges. “It’s likely some of that ETH was routed for liquidation,” one source noted, though wallet tracking cannot confirm ownership.
On October 23, netflows showed 30,000 ETH in outflows, pointing to possible accumulation. The quick shift from withdrawals to deposits may reflect changing sentiment or risk positioning among large holders.
Key Technical Level Holds for Now
ETH is holding near the $3,850 mark, a price level that had acted as long-term resistance between 2021 and 2023. That same level is now acting as support.
Chart data shows ETH trading within a falling wedge, a pattern that can lead to upward moves if broken to the upside. A break above the upper trendline could bring $4,400 to $4,500 into play. One chart analyst noted, “If $3,850 holds, this could build a strong base going forward,” while cautioning that price still needs to break out.
Price and Volume Snapshot
Ethereum was trading at $3,940.89 at the time of writing. The price is down 0.36% over the last 24 hours but up 1.7% on the week. Trading volume sits just above $24 billion, reflecting strong activity despite the ETF selloff.
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Source: https://coincu.com/analysis/blackrock-dumps-101m-eth-as-etf-outflows/