US spot Ethereum (ETH) exchange-traded funds (ETFs) saw $201.9 million in outflows on October 6, the largest daily outflow since mid-September.
It marked their sixth straight day of withdrawals, while Bitcoin (BTC) funds took in $118.9 million. ETH’s price held steady for most of that streak. However, as demand weakens, how long can the altcoin stay resilient?
How Deep Does the Ethereum ETF Bleed Run?
SoSoValue data shows the streak began on September 29 and has pulled $407.8 million from the funds. It is the longest outflow run since a 9-day stretch from June 17 to 30.
Just before the outflows began, ETH ETFs drew $850.8 million over 7 straight sessions. The latest withdrawals have since wiped out nearly half of that.
The weakness has not been limited to Ethereum. Zcash (ZEC) and Solana (SOL) funds saw withdrawals of $89 million and $23.2 million, respectively. Bitcoin ETFs, by contrast, recorded net inflows of $239 million over the same 6 sessions.
Ethereum Price Held Up as Demand Quietly Softened
Despite the ETF outflows, ETH remained relatively resilient at first. The token gained 0.33% between September 29 and October 6 on Binance. But the price came under pressure on Wednesday.
ETH dropped to an intraday low at $2,591.71 on Binance. At press time, the altcoin traded at $2,617.76, down 2.90% over 24 hours.
The decline also triggered a wave of leveraged liquidations. CoinGlass data showed $164.88 million in ETH long positions liquidated over 24 hours, compared with $10.22 million in short positions.
Signals beyond the ETFs show little sign of a demand rebound. CryptoQuant’s Coinbase Premium Index has stayed below zero since early September. It now reads -0.007.
Stakers are heading for the exit too. The validator exit queue held zero ETH in mid-September but now stands at 837,187 ETH.
That ETH could return to the market once unstaked. The entry queue remains larger at 1.41 million ETH, but it has been shrinking.
Market sentiment has weakened alongside these demand indicators. Bearish social media posts about ETH outnumbered bullish ones as October began, marking the weakest ETH sentiment since June 7.
Where Could the Ethereum Price Find a Floor?
The deteriorating demand picture could put greater focus on ETH’s key technical levels. Analyst Ted Pillows warned of a potential pullback before the latest decline.
His chart marks first support between $2,547 and $2,565. Losing it would open a path toward roughly $2,190. On the upside, ETH would first need to reclaim resistance near $2,760 to $2,800.
Supply data looks less bearish than the demand picture. CryptoQuant shows 14.7 million ETH on exchanges, down from roughly 21 million in mid-2025. Fewer coins on exchanges leave less ETH available to sell.
For now, however, the demand picture remains the bigger concern. October 7 ETF data will reveal whether Ethereum’s outflow streak extends to a seventh consecutive session.
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