Ethereum ETFs Post Largest Daily Withdrawal in Three Weeks as Demand Weakens

US spot Ethereum (ETH) exchange-traded funds (ETFs) recorded $201.9 million in withdrawals on October 6, the steepest single-day outflow since mid-September.

This marked six consecutive days of capital leaving the funds, while Bitcoin (BTC) products attracted $118.9 million. ETH's price remained largely unchanged through most of that run. Yet with demand faltering, the question is how long the altcoin can hold up.

How Deep Does the Ethereum ETF Bleed Run?

According to SoSoValue data, the outflow streak started on September 29 and has drained $407.8 million from the funds. That makes it the longest withdrawal run since a nine-day period between June 17 and 30.

Right before the outflows started, ETH ETFs had taken in $850.8 million over seven straight sessions. The recent withdrawals have since erased nearly half of those inflows.

The weakness has not been confined to Ethereum. Zcash (ZEC) and Solana (SOL) funds saw $89 million and $23.2 million in withdrawals, respectively. Bitcoin ETFs, on the other hand, posted net inflows of $239 million over the same six sessions.

Ethereum Price Held Up as Demand Quietly Softened

Despite the ETF outflows, ETH showed relative resilience at the start. On Binance, the token edged up 0.33% between September 29 and October 6. But pressure on the price built by Wednesday.

On Binance, ETH dropped to an intraday low of $2,591.71. At the time of writing, the altcoin was trading at $2,617.76, down 2.90% over the past 24 hours.

The decline also sparked a wave of leveraged liquidations. CoinGlass data shows $164.88 million in ETH long positions were liquidated in 24 hours, versus $10.22 million in shorts.

Signals beyond the ETFs offer little hint of a demand recovery. CryptoQuant's Coinbase Premium Index has been below zero since early September and now reads -0.007.

Stakers are also heading for the exit. The validator exit queue held zero ETH in mid-September but now stands at 837,187 ETH.

That ETH could re-enter the market once unstaked. The entry queue is still larger at 1.41 million ETH, but it has been shrinking.

Market sentiment has also 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 worsening demand outlook could place more emphasis on ETH's key technical levels. Before the latest drop, analyst Ted Pillows cautioned about a possible pullback.

$ETH has been slowly grinding up for weeks, leaving the lows untouched.

At some point, these lows will be retested before the next big move. pic.twitter.com/yixRbgVZde

— Ted (@TedPillows) October 6, 2026

His chart identifies first support between $2,547 and $2,565. Losing that zone would open a path toward roughly $2,190. To 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 about 21 million in mid-2025. Fewer coins on exchanges means less ETH available to sell.

For now, however, the demand picture remains the bigger risk. October 7 ETF data will show whether Ethereum's outflow streak extends to a seventh consecutive session.