ETH holds $2,700 as ETF inflows meet Alameda supply
Ethereum (ETH)
Editor:
Eugene Serbin
tradersunion.com reports that Ethereum is testing whether fresh demand can absorb a large block of returning supply. On 22 September, the US spot Ethereum ETF recorded an inflow of $162.3 million, down from the $270 million seen the previous day. This indicates that institutional buying remains positive but has cooled in intensity.
Simultaneously, a wallet identified by Arkham as Alameda Research / FTX Bankruptcy Estate transferred 23,639 ETH, worth approximately $65.05 million, to Wintermute. This move suggests the tokens may be prepared for sale, adding tens of millions in potential supply to the market. The market now faces a balance between structural ETF demand and pressure from this prominent forced seller.
Ethereum’s technical structure shows $2,700 as the key short-term support level. If ETH holds above this level for several days, the liquidity zone around $2,900–$3,000 could come back into focus. A break below $2,700 would expose $2,630, with a loss there opening the way toward $2,550.
The RSI (14) remains in overbought territory and shows short-term bearish divergence, limiting near-term upside potential. The source notes that if ETF inflows can absorb the selling without losing $2,700, it would signal underlying strength. However, if inflows continue to slow while Alameda/FTX-linked selling adds pressure, the market’s overextension could become visible faster.
How the market reacted
Whalio's own Binance spot order flow for ETH, measured when this story was written up on 23 September 2026. Not the outlet's figures.
Whalio data shows ETH trading at $2,753.63 with a 1-hour buy ratio of 43.5%, which is lower than the 49.7% seen over the past 4 hours. This drop in the short-term buy ratio suggests that immediate buying pressure is fading compared to the broader 4-hour trend. The 24-hour buy ratio stands at 49.8%, indicating that buying and selling are nearly balanced over the full day. Volume Delta shows net selling of -$3,880,048 in the last hour and -$885,193 over 4 hours, confirming that sellers are currently dominating the flow. However, the 24-hour Volume Delta is -$3,927,833, while the CVD at the 24-hour close is +$11,695,051, showing that cumulative buying has outweighed selling over the full day. Spot volume reached $831,787,685 with 3,009,482 trades, and net buying occurred in 12 of the last 24 hours.
The latest daily buy ratio of 46.8% sits at the 16th percentile of the last 322 days, against a median of 49.5% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ETH, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.5%, making today’s 24-hour ratio of 49.8% only 0.3 points higher than the weekly norm. This indicates that trading activity is relatively ordinary compared to the broader weekly trend. Volume over the last day was 0.92x the weekly average, showing slightly lower than usual activity. While the 8-day price change was +14.8%, the 8-day Volume Delta was +$17,713,116, contrasting with the current day’s net outflow. Only 2 of the past 7 days saw net buying, suggesting that the recent rally has not been sustained by consistent accumulation.