Ethereum Holds $2700 Despite ETF Outflows and Thinner Liquidity

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, maintained its price above $2,700 on Monday, October 5, despite a four-day streak of outflows from U.S. spot Ether exchange-traded funds (ETFs). The price hovered around $2,716.23, reflecting a 0.6% increase over the past 24 hours. This resilience came amid significant net outflows totaling approximately $155.12 million across the four sessions.

The market capitalization of Ethereum stood at $331.68 billion, with its fully diluted valuation matching this figure due to Ethereum's unlimited supply. Trading volume reached about $9.41 billion in the past 24 hours. However, Ethereum's trading books on major exchanges remained thinner than Bitcoin's, with order-book depth at $13, $14 million, roughly 35-45% of Bitcoin's liquidity.

In the derivatives market, open interest on ETH perpetual futures was about $46.94 billion. The Ethereum Foundation's Protocol team also announced the upcoming Glamsterdam upgrade on the Sepolia testnet, scheduled for October 6. This upgrade introduces proposer-builder separation and block-level access lists, aimed at improving network efficiency.

Looking ahead, the U.S. Federal Reserve is set to release the minutes of its September FOMC meeting on October 7, which could influence market sentiment. Despite the recent outflows, U.S. spot Ether ETFs still hold about $13.80 billion in cumulative net inflows since their launch.