ETH Sees Largest Daily Exchange Outflow in Over a Month
Ethereum (ETH) faced a modest 0.15% decline to $2,758 on June 11 following an unsuccessful breakout above $2,870, but key on-chain and institutional metrics suggest growing bullish momentum despite the short-term setback.
Over 140,000 ETH — worth approximately $393 million — exited centralized exchanges on Tuesday, marking the largest daily outflow in over 30 days.
This significant outflow is typically interpreted as a bullish signal, indicating that holders are moving assets to private wallets in anticipation of long-term price appreciation.
Options Market Shows Rising Upside Sentiment
The ETH options market echoed the optimism. The 1-week options skew dropped from –2.4% to –7.0%, highlighting a shift in sentiment toward short-term call options over puts — a key metric indicating increased demand for upside exposure.
Additionally, the put-call volume ratio remains near multi-week lows, further emphasizing that speculators and institutions are positioning for potential price increases rather than downside risk.
ETH Spot ETFs Attract Stronger Inflows Than Bitcoin
Spot Ethereum ETFs saw $240.3 million in net inflows on June 12, surpassing the day’s Bitcoin ETF inflows.
Since mid-May, Ethereum ETFs have avoided a single net outflow day, suggesting sustained institutional accumulation. This trend may be fueled by growing belief that ETH remains structurally undervalued relative to other large-cap crypto assets.
Short-Term Price Action Still Under Pressure
While the long-term outlook appears constructive, ETH’s price action shows lingering weakness in the short term. After failing near $2,872, price dropped sharply to a low of $2,736, before recovering slightly to $2,758.
Volume spiked above 34,000 ETH during the sharp move down, hinting at a temporary panic sell-off or large-scale liquidation.
Despite multiple intraday tests, support around $2,745–$2,755 was breached, and a new potential support zone is forming near $2,735.
Conclusion: Bulls Buy the Dip Amid Structural Strength
Although ETH prices remain volatile, exchange outflows, ETF inflows, and options positioning all signal a market where bulls are regaining control. The data suggests that traders are buying the dip, expecting another attempt to push above the $2,870 resistance level.