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.Ethereum ETF demand moves the other wayFarside 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 ...