Binance’s Ethereum reserves have dropped to their lowest level in nearly six months, even as the broader crypto market goes through a short-term pullback, according to CryptoQuant analyst Darkfost. He said ETH has fallen about 11% recently, wiping more than $38 billion from its market capitalization, but investors are still moving coins off exchanges rather than sending them in.
Data cited in the note shows Binance’s ETH reserves fell from 3.57 million ETH to 3.47 million ETH over the past three days. Darkfost also said the exchange’s ETH reserves are down about 11.5% from 3.92 million ETH since August. At the same time, the number of Binance ETH withdrawal transactions climbed above 320,000 on Oct. 6, setting a new all-time high.
The figures point to continued outflows from the exchange during a period of price weakness. The update was reported by BlockBeats on Oct. 9.
Binance’s Ethereum reserves have fallen to their lowest level in nearly six months, while the exchange’s daily ETH withdrawal transaction count has reached a record high, according to a note published by CryptoQuant analyst Darkfost on Oct. 9.
Darkfost said that even though the crypto market has entered a short-term correction, with ETH down about 11% and more than $38 billion erased from its market capitalization, investors are still continuing to withdraw ETH from trading platforms.
Binance ETH reserves declined over the past three days
Data cited by Darkfost shows Binance’s ETH reserves fell from 3.57 million ETH to 3.47 million ETH over the past three days, marking the lowest level in nearly six months. Since August, Binance’s ETH reserves have dropped about 11.5% from 3.92 million ETH, he added.
Withdrawal transactions topped 320,000 on Oct. 6
At the same time, the number of Binance ETH withdrawal transactions rose above 320,000 on Oct. 6, setting a new all-time high.
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