Ethereum slides 10% in three days as Binance ETH reserves drop to 3.47 million
AI Market Summary
ETH has sold off ~10% alongside a broad altcoin drawdown, while Binance ETH reserves fell to a six-month low and withdrawals hit a record (320k transactions on Oct 6), suggesting net movement to self-custody and reduced near-term exchange liquidity. Countering this, US-listed spot ETH ETFs have seen eight consecutive outflow days (~$580m in October), signaling softened institutional demand amid the correction.
Impact level
● Medium
Affected assets
ETH/USDT-2.51%
AI Insight · ETH/USDTAI Insight
● Neutral
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Ethereum has fallen 10% over the past three days alongside a broader market pullback, cutting more than $38 billion from its market capitalization. On-chain data show Binance’s ETH reserves continue to decline, dropping from around 3.92 million in August to 3.47 million now, a decrease of nearly 11.5%. On October 6, the exchange logged more than 320,000 ETH withdrawal transactions in a single day, a record high. ETH’s RSI has slipped to around 23 as the token tests support at the lower boundary of a rising channel.
