ETH Bulls Tighten Grip as $393M Exits Exchanges and ETF Inflows Outpace Bitcoin
Ethereum (ETH) experienced a slight dip on June 11th, falling 0.15% to $2,758 after a brief rally to $2,872.42. This pullback, observed between 15:00 and 17:00 UTC, intensified during early Asian hours, reaching a low of $2,736 before a partial recovery. Despite this short-term weakness, several indicators point to underlying bullish sentiment.
Glassnode data reveals a significant shift in options skew, with the one-week skew dropping from -2.4% to -7.0% over 48 hours. This indicates increased demand for short-dated call options, suggesting bullish bets on ETH’s price. Furthermore, put-call ratios remain heavily skewed towards upside exposure, with open interest and volume ratios near multi-week lows. These metrics collectively suggest a prevailing bullish outlook among traders.
On-chain data reinforces this positive sentiment. Sentora reported a substantial outflow of over 140,000 ETH ($393 million) from exchanges on June 11th, the largest single-day outflow in over a month. This significant withdrawal of ETH from exchanges is generally considered a bullish signal, as it implies less selling pressure and potentially greater long-term holding. Concurrently, ETH-based ETFs saw inflows exceeding $240.3 million on Wednesday, surpassing Bitcoin ETF inflows for the day.
Analyst Anthony Sassano highlighted the absence of net ETH outflows since mid-May, characterizing this trend as “accelerating.” He argues that Ethereum remains structurally undervalued. While the price experienced a temporary setback, the confluence of positive on-chain data, favorable options market sentiment, and ETF inflows suggests a potential “buy the dip” scenario, anticipating a renewed upward price movement.
Technically, ETH traded within a $139 range ($2,733–$2,872) before closing at $2,758. Heavy selling pressure around $2,870–$2,880 triggered a decline, breaking support near $2,745–$2,755. Volume surged above 34,000 ETH during a rapid drop to $2,736, with a subsequent bounce towards $2,752 proving unsustainable. A new support zone may be forming around $2,735.
