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1h ago

Ethereum Drops Over 6% on Profit Taking as ETF Inflows Point to Resilient Demand

Multi-day ETF buying alongside low exchange balances suggests the decline reflects consolidation rather than a trend change.

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Overview

  • Ether fell to roughly $4,450 after a multi-week rally, with traders taking profits and prices retracing more than 6% on Oct. 7.
  • Derivatives leverage washed out as total crypto liquidations topped about $635 million in 24 hours, including roughly $489 million in longs and $142 million from ETH positions.
  • U.S. spot Ethereum ETFs recorded around $420–$421 million of net inflows on Oct. 7, the seventh straight day of positives, bringing combined assets above $30 billion.
  • Exchange-held ETH has declined to multi-year lows near 16–17.4 million coins, with corporate accumulation such as BitMine’s $820 million purchase reinforcing a tighter float.
  • Bitcoin hovered near $120,000–$122,000 as spot BTC ETFs added about $876.5 million on Oct. 7, underscoring strong institutional demand even as prices consolidate.