- Binance ETH reserves fell to 3.47 million, an 11.5% decline from August’s 3.92 million, as withdrawals exceeded 320,000 transactions on Oct. 6.
- Ted Pillows highlights $5 billion in ETH short positions versus $1.53 billion in longs, while weakening spot demand raises correction risks.
- ETH recovered toward $2,500 after falling to 2,420–2,450, with support near $2,450 and resistance at $2,600 and $2,700.
Binance ETH Reserves Fall to Six-Month Low
Withdrawals also surged, with Binance recording more than 320,000 withdrawal transactions on Oct. 6. Darkfost said investors continued moving ETH off the exchange despite falling prices, potentially indicating longer-term holding or plans to use their assets.
The wider market correction has also hit Ethereum. Total2, which tracks the market capitalization of altcoins, lost more than $110 billion over three days. Meanwhile, ETH fell 11%, wiping more than $38 billion from its market capitalization.
Weak Spot Demand and Short Positions
Despite that imbalance, Pillows identified weakening spot demand as a concern. He said reduced demand could leave Ethereum vulnerable to another correction, even after the recent liquidity sweep.
ETH Price Struggles to Recover Above $2,500
Flow data recorded positive inflows near $80 million to $100 million around Oct. 1–5. However, outflows intensified on Oct. 6–7, including a negative spike near $150 million on Oct. 7.
After Oct. 8, netflows moved closer to zero, with occasional positive readings of 10 million–30 million. ETH now faces support around 2,450–2,500, while $2,600 and $2,700 remain overhead resistance levels.
