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.

XRP exchange reserves on Binance and Upbit fell by a combined 104.7 million tokens, with data showing whales accounted for 77% of centralized exchange outflows and about 81% of Binance outflows. Binance’s reported XRP reserves declined from roughly 2.704 billion on September 26 to 2.631 billion on October 4. Separately, four newly created Hyperliquid wallets opened 40x Bitcoin short positions with a notional value of about $12.5 million before BTC slipped below $84,000, according to Lookonchain. The two developments point to mixed market signals.

At the TOKEN2049 conference in Singapore on October 7, Bitmine Chairman Tom Lee said the company needs to buy about 100,000 more ETH to reach its target of 5% of circulating supply, after which it will stop accumulating. Bitmine reported holdings of 6,016,414 ETH—around 4.9% of supply—after buying roughly $41 million worth over the prior week. U.S. spot ETH ETFs have recorded outflows for six consecutive trading days. With those developments, ETH fell 5% over the week to around $2,500.

Bitcoin has repeatedly failed to break above its yearly open at $87,700 and is trading near $84,000. Futures-market leverage has cooled, with aggregate open interest down to about 625,000 BTC, the lowest level since January 1. Spot demand has also softened, as US spot Bitcoin ETFs took in just $241.1 million in net inflows from September 28 to October 2, down about 90% from $2.39 billion the prior week. Data show long futures traders closed positions in size after key releases, leaving overall momentum subdued.

Santiment data show the share of Bitcoin held on exchanges has slipped to around 6.50% of total supply. Over the same period, Bitcoin has risen more than 33% since mid-August. On Binance, the 7-day average of midsize inflows fell from 4,155 BTC on August 16 to 2,648 BTC on October 7, while Coinbase Prime’s midsize inflows eased from 1,620 BTC to 1,370 BTC. Morgan Stanley’s MSBT fund drew $7.84 million in capital.

Data show Dogecoin (DOGE) has notably weak liquidity despite ranking as the industry’s 11th-largest asset by market value. CoinGecko data show only Binance and MEXC have DOGE market depth above $1M. By comparison, other major assets such as XRP and SOL have far stronger liquidity. The thin depth could leave DOGE more vulnerable to sharp short-term price swings.

Ethereum short sellers have continued to sell, but ETH has remained near $2,700. U.S. spot Ethereum ETFs posted $206 million in net outflows on the day, suggesting institutions are reducing ETH exposure. The market appears increasingly divided, with selling pressure persisting alongside price resilience.

Spot Bitcoin ETFs’ holdings have climbed to 6% of Bitcoin’s total market capitalization. The figure indicates that institutional capital entering Bitcoin via regulated ETF channels continues to expand. It also reinforces ETFs’ role as a primary route for traditional investors to access the crypto market.