The number of Ethereum withdrawal transactions from Binance has reached a three-year high. According to CryptoQuant analyst Darkfost, the exchange recorded over 166,000 such transactions in a single day: a level not seen in more than 36 months.
According to Darkfost, the surge coincided with a moderate recovery in ETH’s price of approximately 10% over two days. However, since its last peak in August 2025, Ethereum’s price has fallen by around 67% — about 15% deeper than Bitcoin’s correction over the same period.
What’s Behind the Surge in Withdrawals?
The analyst identified several possible reasons. The first is an increase in real demand near the $1,500 level, as investors open positions and withdraw funds from the exchange.
According to the researcher, this behavior pattern typically indicates long-term accumulation rather than short-term trading. This is the most optimistic scenario.
The second reason may be related to the transfer of funds to DeFi in search of yield. In this case, ETH is withdrawn not for passive storage in a personal wallet, but for active use in protocols.
Darkfost cited the third factor as panic and FUD surrounding MiCA requirements, which came into effect on July 1. Some users mistakenly believed that withdrawals would be frozen after that date, although in reality, they were never restricted.
Why It Might Still Be Accumulation
The analyst emphasized that the surge should not be interpreted as pure accumulation. The reasons for these withdrawals vary, and some are unrelated to long-term investment.
At the same time, the transaction volume itself remains significant. According to Darkfost, even after adjusting for panic and the shift to DeFi, a significant share of the withdrawn ETH still reflects real accumulation.
The context of ETH’s price adds further weight to this situation. The surge occurred in the key zone around $1,500 after a deep decline, which has historically often corresponded to coin accumulation phases.
Future trends will show whether this outflow from the exchange becomes sustainable. For now, the record number of withdrawals indicates that some holders are choosing to move their ETH away from Binance for cold storage or other purposes.
