ETH withdrawals at Binance reach highest level in 3 years

The number of Ethereum withdrawals at Binance has reached its highest level in three years. The monthly average of withdrawal transactions is now above 90,000, twice as high as at the beginning of this year. At the same time, the Ethereum price rose from $1.510 to $2.650 in three months, an increase of more than 75%. According to analyst Darkfost, this points to a substantial accumulation wave in which investors are taking their ETH off the platform and storing it in self-custody.

Ethereum is available at OKX and Bybit.

In brief:

• ETH withdrawals at Binance rose to their highest monthly average in three years: more than 90,000 transactions
• The Ethereum price rose by more than 75% in three months, from $1.510 to $2.650
• According to Darkfost, this points to accumulation aimed at holding for the longer term

Accumulation at highest level in three years

When investors withdraw ETH from an exchange and transfer it to their own wallet, this usually indicates an intention to hold for longer. That pattern is now clearly visible at Binance. The monthly average of withdrawal transactions exceeded 90,000, a level last reached in 2023.

Darkfost points out that this level is twice as high as at the beginning of this year, indicating how rapid and extensive this movement has been. Investors appear to be buying ETH and transferring it directly into self-custody, a pattern that fits a strategy aimed at the medium to long term.

Ethereum leads Bitcoin

The rise in the Ethereum price also has structural significance, according to Darkfost. By breaking through the April peak, the downtrend has been reversed. That currently distinguishes ETH from Bitcoin, which according to the analyst has not yet managed to remain sustainably above its May peak. Bitcoin is currently around $81.600, a rise of 1.5% in the past 24 hours.

Darkfost states that the upward trend for Ethereum is currently stronger than for Bitcoin. Whether that difference persists depends partly on whether accumulation at this level continues and whether the price can hold onto its recent gains.