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BTC 
ETH Ethereum fell to the US$2500 range, with ETF outflows reaching US$201.9 million.
As the world's second largest cryptocurrency by market value, Ethereum has recently fallen back to the US$2500 range due to selling pressure triggered by factors such as rising U.S. Treasury yields, a stronger U.S. dollar and weakening institutional capital inflows.
Technical weakness triggered a sharp correction
On October 9, the trading price of Ethereum remained around US$2500. The previous Thursday, its price briefly slipped to about $2408, down nearly 9% from its recent high of above $2700 earlier this week. The decline followed two consecutive trading days of declines of 4% and 4.5% respectively, wiping out most of Ethereum's gains in October.
This rapid decline has put pressure on Ethereum's short-term technical prospects. Analysts pointed out that the $2500 area has been marked as a key vulnerability point, especially as approximately $165 million of leveraged long positions were liquidated during the recent sell-off wave.
If Ethereum cannot hold support above $2500, traders 'focus may shift to the next support level in the $2400 to $2450 range. Given that Ethereum hit an intraday low of $2408 on Thursday, buyers are facing a test at that level.
Meanwhile, Ethereum's exchange balance has dropped to multi-year lows. As pledge and withdrawal activities continue to reduce the number of coins in circulation in the market, the current supply is closely linked to the flow of institutional funds and investor demand.
ETF outflow contrasts with Bitcoin inflow
Spot Ethereum exchange-traded funds (ETFs) listed in the United States reported a net outflow of $201.9 million on October 6, setting the largest Withdrawal record in a single day in recent weeks. In contrast, during the same trading session, the Bitcoin Spot Fund recorded a net inflow of $118.8 million, highlighting the trend of institutional investors transferring capital between the two largest crypto assets.
Industry observers point out that Ethereum's bullish narrative increasingly relies on institutional demand to absorb supply in circulation. This reliance is particularly critical at a time when pledges and exchange withdrawals have reduced the supply of available liquidity to multi-year lows.
The continued decline in the balance of the Ethereum exchange has raised questions: Will institutional buyers enter to offset retail and speculative selling as macroeconomic pressures continue to pose headwinds on risky assets? Currently, traders are closely monitoring the $2500 to $2400 range for signs of buying support or signals that the current downtrend may continue.
Explanation of Terms
Spot ETF: An exchange-traded fund designed to directly track the price of an underlying asset, such as Bitcoin or Ethereum, allows investors to gain exposure (exposure/return) on the underlying asset without directly holding the cryptocurrency itself.
