Right now, ETH is running out of steam, like many of its sisters in the crypto market. The surge of enthusiasm has given way to a pullback that discourages investors. In just one week, colossal sums have been withdrawn from Ethereum ETFs: $796 million in net outflows. On September 27 alone, withdrawals reached a rarely seen level in ETH’s recent history. Meanwhile, Ethereum lost ground sharply, with a double-digit drop. This dual collapse — valuation and flows — reflects a deep, almost alarming climate of distrust.

The great capital exodus: when Ethereum ETFs bleed

Ethereum spot ETFs continue to lose momentum: they recorded five consecutive days of net outflows, totaling $795.8 million over the week. On September 27 alone, $248.4 million was withdrawn. This streak hadn’t been seen since the week ending September 5, when ETH was still trading around $4,300.

Analyst BitBull called these outflows a sign of capitulation, given how intense the panic selling is. 

Ethereum ETFs have just recorded their largest weekly outflow of all time. It’s a sign of capitulation, given how intense the panic selling has been. 

This pullback coincides with a 10.25% drop in the Ethereum price over the week. The “taker” net volume on Binance remained negative this month, showing persistent weakness on the buy side. Additionally, BlackRock notably weighed in: nearly 200 million ETH sold in a single session.

Crypto investors’ disinterest in Ethereum has thus accelerated.

At the mercy of supports: ETH crypto under technical threat

Technically, Ethereum is fighting to hold its key threshold at $3,875, now an area of extreme tension. Breaking down could slide ETH to $3,626 or even $3,403. The 100- and 200-day moving averages converge around these sensitive zones. The clash between massive supply — via ETFs — and more discreet buyers weakens this structure.

There is also a marked divergence compared to Bitcoin: over the same period, BTC ETFs suffered $897.6 million in outflows, with a 5.28% price decline.

Analyst James Seyffart acknowledges that Bitcoin ETFs haven’t performed particularly well in recent months, while emphasizing that they are still the largest launch ever recorded.

This contrast reinforces the idea that Ethereum is undergoing a sharper confidence crisis. If the support breaks, technical pressure could lead to a more significant drop. Speculators are now watching every daily close around these critical barriers.

Facing the debacle, some factual glimmers remain

Despite the apparent panic, the crypto market and Ethereum also show signs of resilience, signs that all is not lost.

Key highlights to remember:

• 2,589 ETH were staked in a single day, representing about $11 million;
• Total staked exceeds 35.7 million ETH, or nearly $143 billion excluding liquidity;
• Exchange Supply Ratio drops to 0.13, the lowest level in 9 years;
• BitMine Technologies strengthens its position with a purchase of about $1 billion in ETH, reaching $11.4 billion in holdings;
• Grayscale prepares ETH staking in its reserves, anticipating possible regulatory approval for staked ETFs.

These elements show that some crypto investors are betting on the long term. Ethereum retains its core value: that of an infrastructure on which convictions bet, even in troubled times.

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In this gloomy climate, this “red september” promises to be particularly critical for Bitcoin and Ethereum. Massive ETF outflows, threatened technical supports, mixed signals: all urge caution. This moment could become historic, reinvent crypto market expectations, and sow turmoil in investors’ hearts.