Ethereum recorded net exchange outflows of roughly 169,770 ETH, the largest in over four months, according to data from Santiment.
The data shows October 22 marked the highest outflow day since June 5, when the market bottomed after outflows reached 223,800 ETH—prompting analysts to draw comparisons with that previous bottom.
The development comes as traders watch the $2,400 level for ETH, awaiting the market’s next direction. Some analysts suggest that elevated exchange outflows may reduce short-term sell-side pressure, though they do not guarantee a bullish reversal amid ongoing volatility.