ETHUSDT opened the week at 2725.71 USDT and closed at 2565.66 USDT, down 5.87% for the week. Among the 200-week sample, this week ranked 159th, placing it in the lower half of the sample: 158 weeks performed better, and only 41 performed worse. Ethereum spot ETFs recorded a daily net outflow during the same period as this weekly candle, leaving a very direct mark of funding pressure on the price.
This week wasn’t a steady decline; it moved sideways first, then plunged. From October 1 to October 4, ETHUSDT rose from 2684.68 USDT to 2725.71 USDT, closing higher on three of the four days. On October 4, it gained 1.48% in a single day, looking as though it might test higher levels. October 5 and 6 brought only slight pullbacks of -0.62% and -0.45%, more like consolidation after the rise. The real turning point came on October 7: it opened at 2696.45 USDT and closed at 2572.88 USDT, down 4.58% for the day. That single daily candle wiped out the entire range of the previous six days. On October 8, it closed down another 0.28%, with no meaningful rebound.
Popular posts on the community forum say the daily net outflow from ETFs was the direct driver of this downturn: with thinner spot-market support, prices can quickly step lower when buyers are scarce (paraphrased; does not represent this site’s views). Other popular posts focus on the October 7 daily candle, arguing that the 4.58% drop shows selling pressure was concentrated, often accompanied by forced deleveraging of highly leveraged positions (paraphrased; does not represent this site’s views). My view is that ETF flows are daily data, and a single day of net outflows is just one snapshot. We need to see whether it was a one-day event or continued for several days. The former may recover more quickly; the latter would make the 2565.66 USDT closing price a new starting point for observation.
A frank note: calling something the best week is a judgment made in hindsight. At the time, nobody knew that the weeks in the sample that gained 39.03% or 31.32% would turn out that way. This week’s 159th-place ranking is also just a record of what has already happened, not a forecast for next week. Don’t mistake a completed weekly candle for a sense of direction. #EthereumSpotETFRecordsDailyNetOutflowOf$161Million
#币安 $ETH
This week wasn’t a steady decline; it moved sideways first, then plunged. From October 1 to October 4, ETHUSDT rose from 2684.68 USDT to 2725.71 USDT, closing higher on three of the four days. On October 4, it gained 1.48% in a single day, looking as though it might test higher levels. October 5 and 6 brought only slight pullbacks of -0.62% and -0.45%, more like consolidation after the rise. The real turning point came on October 7: it opened at 2696.45 USDT and closed at 2572.88 USDT, down 4.58% for the day. That single daily candle wiped out the entire range of the previous six days. On October 8, it closed down another 0.28%, with no meaningful rebound.
Popular posts on the community forum say the daily net outflow from ETFs was the direct driver of this downturn: with thinner spot-market support, prices can quickly step lower when buyers are scarce (paraphrased; does not represent this site’s views). Other popular posts focus on the October 7 daily candle, arguing that the 4.58% drop shows selling pressure was concentrated, often accompanied by forced deleveraging of highly leveraged positions (paraphrased; does not represent this site’s views). My view is that ETF flows are daily data, and a single day of net outflows is just one snapshot. We need to see whether it was a one-day event or continued for several days. The former may recover more quickly; the latter would make the 2565.66 USDT closing price a new starting point for observation.
A frank note: calling something the best week is a judgment made in hindsight. At the time, nobody knew that the weeks in the sample that gained 39.03% or 31.32% would turn out that way. This week’s 159th-place ranking is also just a record of what has already happened, not a forecast for next week. Don’t mistake a completed weekly candle for a sense of direction. #EthereumSpotETFRecordsDailyNetOutflowOf$161Million
#币安 $ETH