ETH Sees $393 Million Withdrawn from Exchanges Amid Strong ETF Inflows
On June 11, Ether (ETH) fell 0.15% to $2,758 after a brief rally to $2,872.42. Selling pressure intensified between 15:00 and 17:00 UTC, leading to a decline from $2,772 to $2,736, before recovering slightly.
Key metrics show increasing bullish sentiment:
- Options skew turned negative, dropping from –2.4% to –7.0%, indicating higher demand for short-dated calls.
- Put-call ratios favor upside exposure, with low open interest and volume ratios.
- Over 140,000 ETH worth approximately $393 million was withdrawn from exchanges on June 11, marking the largest single-day outflow in over a month.
- ETH-based ETFs saw an inflow of $240.3 million, surpassing Bitcoin ETF totals.
- Ethereum has not experienced a net outflow day since mid-May.
Despite short-term price weakness, market positioning suggests traders may be buying the dip, anticipating future upward movement.
Technical Analysis Highlights
- ETH traded within a range of $139, closing at $2,758.
- Selling pressure emerged near $2,870–$2,880 during late U.S. trading.
- Support levels near $2,745–$2,755 were breached, triggering a decline.
- Volume exceeded 34,000 ETH during the drop from $2,772 to $2,736 on June 12.
- A bounce toward $2,752 failed, suggesting a new support zone may form around $2,735.