Ethereum faces 23rd straight ETF outflow as 525,200 ETH linked to Binance hack spotlighted

Ethereum traded near $2,250 on October 31 as investors closely tracked significant ETF outflows and mounting concerns over a large holding of ETH tied to the Binance hack. Recent market developments have shifted the focus to potential supply risks for the cryptocurrency. Glassnode reported that US spot Ether ETFs recorded outflows for 23 consecutive trading sessions, marking the longest streak since these ETFs began trading. The withdrawal trend signals a shift in institutional sentiment, with the Ethereum price falling over 5% on Thursday before stabilizing on Friday. Farside’s data revealed that outflows totaled $431.4 million over five days from October 26 to October 30. Outflows peaked on the final day at $155.7 million.

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