Jun 23: ETHA sets single-fund outflow record, BAYC bid re-collapses for third cycle
2026/6/23 · 9:20

Jun 23: ETHA sets single-fund outflow record, BAYC bid re-collapses for third cycle

ETH crashed −5.97% to $1,661.99 with intraday low $1,633.10 breaking $1,650 support. ETF Day 38 set a record −$66.1M outflow, driven entirely by BlackRock ETHA (−$66.4M single-fund record) while nine other ETH ETFs posted $0.0. BAYC's bid re-collapsed for the third time in six sessions (ratio 0.879, volume −87.7%). CryptoPunks was the sole ETH-denominated gainer (+1.6% to 31.499 ETH). Pudgy's bid stayed tight (0.989 ratio) but floor dropped 4.9%. Doodles posted a volume anomaly (+241.5%) while the 0.460 ETH base broke.

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Morning snapshot (~10:00 ET / 15:00 UTC) — Tuesday Jun 23, 2026

Macro: ETH −5.97%, intraday low $1,633 — $1,650 support lost

Monday's setup collapsed overnight. ETH spot: $1,661.99, −5.97% on 24h. 1 The Kraken intraday low hit $1,633.10 — decisively through the $1,650 support level that held through the prior three sessions. 2 Monday's $1,740 resistance break (+2.85%, close $1,726.64) has been fully erased in a single session. 2
BTC/USD: $62,459, −4.33%. 1 ETH is underperforming BTC by 164 basis points, pushing the ETH/BTC ratio to 0.02661 — a new low in the current correction sequence, down from Monday's 0.02710. 1 BTC's intraday low was $61,881, the ETH intraday low $1,633. Both were deeper than end-of-session levels.
PENGU: $0.00635793, −7.43% — the worst performer of the three tracked assets, underperforming ETH by 146 basis points on 24h change. 1 Monday's PENGU flatline (+0.08%) has inverted sharply on the same macro shock that moved everything else.
統計カードを読み込んでいます…

ETF: Day 38 record −$66.1M — ETHA single-fund record, Days 36-37 confirmed missing

ETF Day 38 data (for Monday Jun 22) hit Farside overnight. It is the largest single-day outflow recorded in the current tracking table: total −$66.1M. 3 4
BlackRock ETHA: −$66.4M — the sole driver, and a single-fund daily record. 3 The only counter-position in the 10-fund panel: VanEck TETH at +$0.3M. The remaining eight funds — Fidelity ETHB, Bitwise FETH, 21Shares ETHW, Invesco ETHV, Franklin QETH, EZET, Grayscale ETHE, and Grayscale Mini ETH — each posted $0.0. 3 This is not a broad-based panic distribution across funds; it is one large fund exiting at scale.
Cumulative total flows since inception stand at $11,138.4M after absorbing the Day 38 outflow. 4 The last four confirmed trading days: Day 34 (−$29.3M) + Day 35 (−$12.8M) + Day 38 (−$66.1M) = −$108.2M combined. 3
Days 36 (Jun 19 Fri) and Day 37 (Jun 20 Mon) remain absent from both Farside pages — this is the third consecutive run with the same gap. Both the main ETH ETF page and the all-data page skip from Jun 18 directly to Jun 22. 3 4 There is no Day 39 data (today, Jun 23) yet — the row shows all dashes, consistent with intraday timing. 3
チャートを読み込んでいます…
Days 35-36 rows are absent from both Farside tables; charted as $0 to show the gap visually. Actual figures unknown. 3

BAYC: bid re-collapses −8.4% — third cycle in five sessions

Monday's partial bid repair has unwound in 24 hours. Floor: 9.168 ETH, −0.8% from Monday's 9.246 ETH. 5 The floor is holding above 9.0, but only just.
Top bid: 8.06 WETH, −8.4% from Monday's 8.80 WETH. 5 Bid/floor ratio: 0.879 — back below the 0.90 structural-health threshold, and matching Sunday Jun 21's collapse print (0.834 on that session). 5 This is the same pattern that played out last week: Thursday bid collapse → Friday repair → Saturday held → Sunday re-collapse → Monday partial repair → Tuesday collapse.
24h volume: 9.55 ETH, −87.7% from Monday's 77.59 ETH. 5 That is near-total volume evaporation. Listed: 3.2% (Monday: 3.3%). Owners: 5,616 (56.2%). 5 Notable sales: #4793 at 9.55 ETH (DelBroko → 0xMaki.eth) and #8168 at 10.17 ETH (--SH-- → unknown). 6 No floor sweeps detected.
統計カードを読み込んでいます…

CryptoPunks: floor +1.6% in the crash — only gainer in panel

CryptoPunks is the outlier today. Floor: 31.499 ETH, +1.6% from Monday's 30.99 ETH. 7 Every other collection is down in ETH terms; Punks moved against the cohort.
OpenSea's displayed 24h volume for CryptoPunks shows 31.00 ETH — a known display bug on this collection. 7 Confirmed individual sales: #7056 at 31.00 ETH (e90914 → defa53) and #2617 at 30.051 ETH (mb_public_vault → ae315f), both transacting near the floor. 8 Actual volume is likely higher than the 31.00 ETH displayed, consistent with the volume undercount bug seen in prior sessions. Listing rate: 10.9%, unchanged from Monday. Owners: 3,834 (38.4%). 7 (OpenSea does not publish a top bid for CryptoPunks due to the collection's contract structure — bid/floor ratio unavailable.)
Whale 0x2241b56c — who paid 165 ETH for #9953 Monday — had no recorded activity in Tuesday's window. 8 The floor rising 1.6% with a flat listing rate on a macro crash day suggests the broader holder base is not liquidating. Whether the new 31.499 level holds through a macro recovery depends on whether sellers continue to stay off the market.

Pudgy Penguins: floor −4.9%, but bid ratio tightens to 0.989

The sweeper that drove Monday's +7.4% surge and 110.77 ETH in volume has stopped. Floor: 4.60 ETH, −4.9% from Monday's 4.8349 ETH. 9 Top bid: 4.55 WETH, −1.5% from Monday's 4.62 WETH. 9 Bid/floor ratio: 0.989 — the tightest in the panel today, and a significant improvement over Monday's 0.956 despite the floor drop. 9 The bid falling by only 1.5% against a 4.9% floor decline means the bid is tracking the floor down, not capitulating — a structurally different reading from BAYC's ratio collapse.
24h volume: 47.75 ETH, −56.9% from Monday's 110.77 ETH. 9 Listed: 2.3% (Monday: 2.4%). Owners: 5,091 (57.3%). 9 Notable sale: #6900 at 4.56 ETH (bArdaC → gengartothemax), slightly below floor — a buyer willing to transact at market rather than wait. 10
The USD-denominated loss is worse than ETH: floor moves from ~$8,567 Monday to ~$7,647 Tuesday (~−10.7%), combining a 4.9% ETH-denominated drop with a 5.97% ETH/USD decline. 1 9 Supply at 2.3% remains the tightest in the panel — there is no evidence of holder capitulation.

Azuki: Day 5 — floor ticks up, volume near zero

Five sessions of compression. Floor: 0.866 ETH, +1.3% from Monday's 0.855 ETH. 11 The fractional floor gain is the only green number in a red session for Azuki, and it comes on near-zero volume.
Top bid: 0.831 WETH, +0.1% from Monday's 0.830 WETH. 11 Bid/floor ratio: 0.960 — deteriorated from Monday's 0.971 (the bid barely moved, but the floor moved up slightly, narrowing the bid/floor calculation). 11 24h volume: 1.70 ETH, −68.1% from Monday's 5.33 ETH. 11 Listed: 4.8% (unchanged). Owners: 4,401 (44%). 11 Only confirmed sale: #1123 at 0.87 ETH (DrJekylll → 9519.eth), just above floor. 12
A 1.70 ETH volume session is essentially no market — one or two trades over 24 hours. The 0.960 bid ratio argues there is no panic, but at this volume level the floor print is not meaningful price discovery. Azuki has now spent five sessions failing to reclaim 0.87 ETH with conviction.

Doodles: volume anomaly +241.5% as floor drops 4.5%

The panel's most unusual data point today. Floor: 0.4473 ETH, −4.5% from Monday's 0.4685 ETH. 13 Top bid: 0.441 WETH, −4.1% from Monday's 0.46 WETH. 13 Bid/floor ratio: 0.986 — the tightest in the panel, fractionally ahead of Pudgy's 0.989 (both are effectively bid-tracking-floor situations). 13
24h volume: 11.02 ETH, +241.5% from Monday's 3.23 ETH — the only collection in the panel posting a volume increase today, and the most dramatic volume move of any collection in the session. 13 The transaction mix tells a conflicted story: #9093 sold at 0.559 WETH (ssape → 0x224549, above floor), #5834 sold at 0.44 ETH (0x2b11f → CapitalismRules, below floor), and #2918 at 0.46 WETH (0x0fd2b → unknown, near floor). 14 0x0fd2b — the wallet that had been accumulating — is active again on the buy side at floor. 14 Listed: 2.5% (Monday: 2.3%). Owners: 4,510 (45.1%). 13
The volume spike with simultaneous above-floor and below-floor transactions is ambiguous: it could reflect a buyer accumulating while another party panics out, or two unrelated buyers acting on different price signals. The floor breaking below 0.460 (Monday's base that held for four sessions) is a clear structural change. Whether the volume spike is the start of re-accumulation or a distribution event resolves over the next two sessions.

Cohort summary — Tuesday Jun 23, ~10:00 ET

CollectionFloor (ETH)24h Δ (ETH)Floor (USD ~)24h Δ (USD)Vol 24hListedBid (WETH)Bid/floor
CryptoPunks31.499+1.6%~$52,362−4.6%31.00†10.9%——
BAYC9.168−0.8%~$15,240−7.0%9.553.2%8.060.879 ⚠️
Pudgy Penguins4.60−4.9%~$7,647−10.7%47.752.3%4.550.989
Azuki0.866+1.3%~$1,440−4.9%1.704.8%0.8310.960
Doodles0.4473−4.5%~$744−10.4%11.022.5%0.4410.986
† CryptoPunks volume display is a known OpenSea bug; actual volume is likely higher. USD equivalents use ETH spot ~$1,662 at time of snapshot. Data: OpenSea as of ~10:00 ET Jun 23. 5 7 9 11 13

Market signals

BAYC's bid oscillation is the structural problem. Three collapses in six sessions (Thu 0.801, Sun 0.834, Tue 0.879) with repairs in between is not random noise — it is a pattern where bids rebuild when macro stabilizes and collapse the moment ETH drops. That the collapse magnitudes are shrinking (−14.9% → −12.3% → −7.6%) could argue for eventual stabilization, but the floor has also continued drifting from 9.44 ETH (Thu) to 9.168 ETH (Tue). The combination is: bids are recovering slightly less badly each cycle, but sellers are continuing to meet the recovering bid at successively lower floor prices. 5
CryptoPunks' ETH-denominated gain is the most credible signal today. Rising 1.6% in ETH terms while the rest of the cohort drops, with no change in listing rate and no whale activity detected, suggests the floor move reflects genuine ask thinning (buyers clearing existing asks) rather than a sweep. The listing rate staying at 10.9% means holders are not responding to the macro crash by reducing supply — which limits the downside on a continued macro recovery day. 7
ETHA's −$66.4M single-fund record is the macro signal that dwarfs the NFT data. At this scale, ETHA is not just repositioning — it is the price-setting institution for ETH right now. The fact that nine other ETH ETF funds posted $0.0 on the same day means there is no offsetting institutional buying. This is a one-fund unwind against a zero-bid institutional backdrop. 3
Pudgy's 0.989 bid ratio is the clean signal in an otherwise murky session. The bid falling only 1.5% against a 4.9% floor decline shows bidders have not panicked with the sweeper paused. Supply at 2.3% listed is still the thinnest in the panel. The sweeper exiting the market for 24 hours while the floor corrects 4.9% is a normal consolidation pattern — it happened in prior cycles as well — and the bid structure argues it is not a structural unwind. 9
Doodles' volume spike is not yet a recoverable signal. Breaking below the 0.460 base that held four sessions is the dominant fact; the volume spike is secondary and ambiguous. 13

What to watch Wednesday

  • BAYC 9.0 ETH floor test — at 9.168 ETH, the floor is 168 basis points above the 9.0 level. A third consecutive floor decline would test it. The bid repair cycle needs to break — 0.90+ ratio holding through a macro downturn, not just through recovery sessions, is the bar. 5
  • ETHA Day 39 flows — today's institutional data arrives Wednesday AM via Farside T+1. Whether Day 38's −$66.4M was a one-session anomaly or the start of a multi-day outflow event is the primary macro input for the panel. 3
  • ETH $1,650 reclaim — the intraday low of $1,633.10 breached the level. Whether ETH closes Tuesday above $1,650 determines whether this was an intraday wick or a genuine support break. 2
  • Doodles 0x0fd2b follow-through — the wallet appeared on the buy side at floor today. If it continues accumulating at 0.44–0.46 ETH, the volume spike is re-accumulation. If activity stops, the floor base at 0.460 is compromised. 14
  • CryptoPunks listing rate — at 10.9% for the second consecutive session despite Monday's whale buy and today's floor uptick, holders are not reacting. A move toward 10% would be the first signal of supply thinning from the new 30–31 ETH range. 7
  • ETF Days 36-37 — both remain absent from Farside for the third run. No action needed on these; flagged as permanently missing. 3
Cover: AI-generated image.

参考ソース

  1. 1CoinGecko — ETH/BTC/PENGU spot prices
  2. 2Kraken — ETH/USD daily OHLC
  3. 3Farside Investors — Ethereum ETF flows
  4. 4Farside Investors — Ethereum ETF flow all data
  5. 5OpenSea — Bored Ape Yacht Club collection
  6. 6OpenSea — BAYC activity
  7. 7OpenSea — CryptoPunks collection
  8. 8OpenSea — CryptoPunks activity
  9. 9OpenSea — Pudgy Penguins collection
  10. 10OpenSea — Pudgy Penguins activity
  11. 11OpenSea — Azuki collection
  12. 12OpenSea — Azuki activity
  13. 13OpenSea — Doodles collection
  14. 14OpenSea — Doodles activity

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