Ethereum DEX volume slips 5% as ETFs bleed

Market Regime & Overall Moves

The X Dash agent flags a neutral mood; BTC holds about 59% dominance and the total crypto cap slipped roughly 1%. Fear‑and‑greed sits at 49 (Neutral) and funding rates are low (BTC 0.0081, ETH 0.0015). Bitcoin trades at $81,654 (‑0.8%) and Ethereum at $2,398.45 (‑1.07%).

• BTC dominance 59.4%
• Total market cap $2.76T, down 0.52% 24h
• Fear‑and‑greed index 49 (Neutral)
• BTC price $81,654, 7d ‑0.35%
• ETH price $2,398.45, 7d ‑1.56%

ETF Flows & Whale Capital

Bitcoin ETFs recorded a net outflow of $635.49M and Ethereum ETFs $110.5M on Oct 22. The biggest single move was IBIT shedding $254.05M, while ETHA withdrew $75.45M. Whales are also shifting tens of millions into ETH, reinforcing the ETH‑centric capital flow noted by X Dash.

• BTC ETF net outflow $635.49M
• ETH ETF net outflow $110.5M
• Largest BTC fund outflow IBIT $254.05M
• Largest ETH fund outflow ETHA $75.45M
• Whales moving tens of millions into ETH

L2 Surge – Mantra & Oasys

The Mantra EVM ecosystem jumped 401.6% over the past seven days, while the Oasys ecosystem rose 393.0%. Social chatter accelerated around new developer‑kit releases and upcoming token drops, fueling a week‑long rally that outpaced the broader market.

• Mantra EVM +401.6% 7d change
• Oasys +393.0% 7d change
• Organic chatter spikes around dev‑kit releases
• Token‑drop announcements add upside
• Capital flow toward ETH‑centric L2s

DEX Volume Decline on Core Chains

Ethereum’s average DEX volume fell 4.98% to $3.2B per day, Base slipped 4.97% to $4.06B, and Solana dipped 0.13% to $2.74B. The weekly drop contrasts with a modest 24‑hour bump on each chain, indicating short‑term volatility amid longer‑term weakness.

• Ethereum DEX volume ‑4.98% (avg $3.2B)
• Base DEX volume ‑4.97% (avg $4.06B)
• Solana DEX volume ‑0.13% (avg $2.74B)
• 24h volumes: ETH $3.42B, Base $4.18B, SOL $2.89B

Risk Sentiment & Liquidations

Funding rates remain low, suggesting cheap carry: BTC 0.0081, ETH 0.0015. Over the last 24 hours $345.0M in leveraged positions were liquidated, mostly longs ($248.8M). The neutral sentiment aligns with the modest cap decline and muted price action.

• BTC funding rate 0.0081 (annualized 8.9%)
• ETH funding rate 0.0015 (annualized 1.6%)
• $345.0M liquidated, $248.8M longs
• Market sentiment neutral (score 49)

What to Watch

Ethereum’s Glamsterdam testnet delay raises security concerns that could weigh on ETH price. Uniswap’s aggregator hooks went live on Ethereum, Base and Robinhood Chain, potentially boosting on‑chain activity. Keep an eye on whether the Mantra and Oasys L2 rally sustains into the next week.

• Ethereum Glamsterdam testnet delay
• Uniswap v4 aggregator hooks rollout
• Continuation of Mantra/Oasys L2 momentum

Sources

1. Cointelegraph: Ethereum delays Glamsterdam Hoodi testnet launch over security risks
2. CoinDesk: Ethereum delays Glamsterdam test after security devs flag risk to existing contracts
3. Decrypt: Bitcoin ETFs Erase October Losses With $1 Billion in Three Days
4. The Block: Uniswap’s aggregator hooks go live on Ethereum, Base and Robinhood Chain
5. SEC EDGAR: 8-K - Invesco Galaxy Ethereum ETF (0001995569) (Filer)
6. Spectre crypto: Ethereum (ETH) Analysis — Price, Fundamentals & Outlook | Spectre Intelligence
7. Spectre research: Bitcoin ETFs flow in as Ethereum outflows bite
8. lookonchain: Community post
9. Spectre Search: "what is the market doing"
10. Spectre evidence snapshot for this article (2026-10-23)