Ethereum near $2,700 as ETFs lose $206 million

Ether traded at about $2,711.60, up 0.37% over 24 hours and 9.41% over 30 days. U.S. spot Ether exchange-traded funds recorded $50.76 million in net outflows on Oct. 5, extending the outflow streak to five sessions, according to SoSoValue data.

The products lost $205.88 million from Sept. 29 through Oct. 5, reducing their cumulative net inflows to about $13.75 billion. The outflows followed a $17.1 million inflow on Sept. 28.

Ethereum’s Age Consumed metric reached 580 million token-days on Sept. 30, according to blockchain analytics firm Santiment. The figure was about nine times the average for September weekdays and the highest since June 2. The metric tracks previously inactive coins that move onchain and gives more weight to coins that have remained untouched for longer periods.

Ether held on exchanges rose by about 18,000 ETH on Sept. 30 before falling by roughly 21,000 ETH the next day. About 5.9 million ETH was held on trading platforms during the period. When the metric last reached a higher level on June 2, exchange balances increased by more than 140,000 ETH.

The exchange-balance data does not identify the reason for the September activity. Possible explanations include custody transfers, staking transactions and wallet reorganizations. The figures do not show a broad transfer of Ether to exchanges by long-term holders.

Derivatives data showed lower leverage. CryptoQuant’s Estimated Leverage Ratio for Ether fell to 0.66, its lowest level in seven months. The ratio compares derivatives exposure with Ether reserves held on exchanges. It was about 0.68 on Binance and 0.64 on OKX.

Ether open interest on Binance remained near $3.3 billion, up from about $2.3 billion on Aug. 6, an increase of roughly 43%. Open interest measures the value of outstanding derivatives contracts.

Binance’s Cumulative Net Taker Volume fell from $1.94 billion on Aug. 21 to negative $1.36 billion on Oct. 5. The $3.30 billion change was the metric’s lowest reading since Aug. 6. The measure compares aggressive buying with selling executed at available market prices.

Ether remained about 44% above its Aug. 6 level while the net taker volume declined. Open interest also remained higher than in early August, leaving substantial derivatives positions outstanding.

Funding rates could affect future positioning. Persistently negative rates would mean short sellers pay traders holding long positions. Continued ETF outflows combined with higher exchange balances would provide further evidence of selling pressure. Stable exchange reserves and steady prices would show that the market is absorbing derivatives selling.