Ethereum withdrawals on Binance reach highest level in 3 years

On Binance, Ethereum withdrawal transactions reach a level not seen in three years. In a single day, over 166,000 withdrawals are recorded, while the Ethereum price shows a modest recovery of around 10% after a sharp correction. Analysts see several possible explanations for this peak, but also point to signs of genuine accumulation.

Ethereum is available at OKX and Bybit.

Sharp peak in withdrawals after months of decline

Analyst Darkfost shares a striking chart from CryptoQuant on X, showing that the number of Ethereum withdrawal transactions on Binance has now reached its highest point since March 2023. That is remarkable, because the Ethereum price has undergone a decline of around 67% since the previous peak in August 2025. For comparison: Bitcoin has experienced a correction about 15 percentage points less severe over the same period.

The timing of the withdrawal peak coincides with a brief price increase of around 10% over two days, from a level of approximately $1.700. That raises the question of what exactly is behind this massive outflow of Ethereum from the exchange.

Accumulation, DeFi or MiCA panic?

Darkfost mentions three possible drivers. First, he sees indications that investors are deliberately entering around the $1.500 level and moving their coins off the exchange, a pattern that classically points to long-term accumulation rather than short-term trading. Secondly, it is quite possible that part of the withdrawals are intended to deploy Ethereum within DeFi platforms, seeking yield instead of passive custody in self-custody.

A third factor is the introduction of MiCA regulation as of 1 July 2026. Some users fear that withdrawals will be blocked after that date, even though that is never the case. Similar concerns previously arose at other exchanges, as can be read in the news about BNB Chain and MiCA. This misconception leads to panic withdrawals by some users without real necessity.

Despite these nuances, Darkfost states that the total volume of withdrawal transactions is too large to ignore. According to him, a significant portion of the outflowing Ethereum likely does represent serious accumulation, even if not all withdrawals can be traced back to that.