Ethereum’s one-day net exchange outflow reached approximately 170,000 ETH, its highest level in more than four months, as Santiment pointed to the recovery that followed a similar move in June.
According to data shared by Santiment on October 23, a net 169,770 ETH left exchanges in one day. The institution viewed this as positive for buyers, since a decline in the amount of coins held on exchanges can reduce the supply immediately available for sale.
What Happened After June’s Major Outflow?
The comparison centers on June 5. On that day, there was a net outflow of approximately 223,800 ETH from exchanges, and Ethereum’s price also hit its lowest level since April 2025. The price then recovered quickly.
Because of this past example, Santiment considers the latest outflow noteworthy in terms of a potential bottom formation. However, for the current outlook to strengthen, not only exchange flows but also how the price moves at certain levels will matter.
Which Prices Matter for Ethereum?
In the institution’s analysis, $2,400 stands out as a near-term pivot point. If Ethereum reclaims $2,500 and holds above it, that would strengthen the scenario that a bottom has formed. A drop below approximately $2,330 would weaken this outlook.
If large net outflows continue and the price holds at the specified levels, Santiment says supply conditions could increasingly shift in buyers’ favor. June’s recovery serves as the historical example for this comparison, while expectations of a new bottom remain dependent on continued outflows and the resilience shown by the price.
Not investment advice.