Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The crypto market faced in recent months, as both Bitcoin and Ethereum broke below important support levels. Bitcoin broke below $110,000, while Ethereum also slipped under $4,000. This downturn triggered billions in liquidationsand pushed the Fear and Greed Indexinto fear territory.
However, data from on-chain analytics platform Sentora (formerly IntoTheBlock) reveals that accumulation is quietly underway. Despite the price declines, exchange outflows for both assets have remained strongly negative. Related Reading XRP Eyeing Explosive Move In Next Few Months, Research Shows 2 days ago Key Weekly Metrics
An extended decline carried over from the previous week saw the Bitcoin price falling below $110,000with increasing selling pressure and liquidations of leveraged positions. However, despite this sharp move to the downside, on-chain data illustrates an interesting different trend occurring beneath the surface of the volatility. According to figures provided bythe on-chain analytics platform Sentora, more than $5.75 billion worth of BTC flowed out of centralized exchanges over the course of the week.
This outflow, although small compared to periods of strong bullish action, shows a lingering investor conviction,especially among some investors that might be taking advantage and buying the dip.
Ethereum’s price movement over the same period was even more pronouncedthan that of Bitcoin. The price crash saw the leading altcoin break down beneath the psychologically significant $4,000 support level and proceed to briefly test lower zones around $3,850. Still, despite the depth of this decline, the exchange flow data makes it clear that the bearish price action did not manage to deter accumulation activity across the network. BTCUSD now trading at $109,585. Chart: TradingView
Over $3.08 billion worth of ETH exited exchanges during the week, which serves as evidence of a continued willingness among investors to steadily accumulate Ethereum, even in the face of short-term losses and market pressure. Despite negative price performance, exchange outflows remained strong for both ETH and BTC, indicating accumulation across the market pic.twitter.com/eAqZTk6Vof
— Sentora (previously IntoTheBlock) (@SentoraHQ) September 26, 2025 Outflows Drive Exchange Balances To Multi-Year Lows
Interestingly, Ethereum last week’s outflows ties into a notable trend that has been developing in recent months. Data shows that Ethereum’s total supply on exchangeshas dropped to just 14.8 million ETH, its lowest level since 2016. Much of this supply has been redirected into staking, long-term cold storage, and DeFi protocols, which have all led to a drastic decline in the ETH on trading platforms.
ETH balance on exchanges. Source: Glassnode
Data from a CryptoQuant Quicktake post by contributor CryptoOnchain adds further weight to this trend of heavy outflows. Between August and September 2025, Ethereum’s 50-day Simple Moving Average (SMA) netflow dropped below -40,000 ETH per day, the lowest level seen since February 2023. This persistent negative netflow shows that investors have been steadily shifting their ETH away from exchanges and placing it into staking, cold storage, or other long-term holding options. “Lower exchange balances equals reduced short-term supply,” the analyst said.
Ethereum Exchange Netflow Related Reading When Will XRP Reach $25? Bitcoin Investor Shares A Bold Prediction 1 day ago
At the time of writing, Bitcoin was trading at $109,585, while Ethereum traded at $4,011.
Featured image from Unsplash, chart from TradingView