Ethereum withdrawals from Binance surged to their highest level in more than three years. CryptoQuant analyst Darkfost said the exchange processed over 166,000 ETH withdrawal transactions in a single day, the strongest daily reading since March 2023 and one of the biggest withdrawal events seen in recent years.
The move came as ETH traded around $1,500 after recovering nearly 10% over the past two days. Darkfost noted that Ethereum remains about 67% below its August 2025 peak. That drawdown is roughly 15 percentage points deeper than Bitcoin’s decline over the same period, putting fresh attention on on-chain behavior as traders look for signs of accumulation at lower prices.
Withdrawal count breaks far above the usual range
CryptoQuant data showed that Binance’s daily ETH withdrawal activity had been relatively steady for months. Most sessions fell between 40,000 and 80,000 transactions, and only a handful of spikes moved above 100,000. The latest figure, above 166,000, stands well beyond that pattern.
In on-chain analysis, ETH leaving a centralized exchange is often read as a longer holding signal. Assets kept on an exchange are easier to sell quickly; assets moved to privately controlled wallets are more commonly associated with investors who do not plan to exit at once. If exchange balances shrink while demand improves, the amount of ETH readily available for trading can tighten.
Accumulation is one explanation, but not the only one
Darkfost cautioned against treating the spike as pure evidence of broad accumulation. Some of the withdrawn ETH may have been moved into decentralized finance protocols for staking, lending, or liquidity provision. In that case, the coins leave Binance but stay active within the wider Ethereum ecosystem rather than moving into long-term self-custody.
He also pointed to uncertainty around the European Union’s Markets in Crypto-Assets regulation, or MiCA. Before the rules took effect on July 1, market speculation circulated that exchanges might limit crypto withdrawals. Those restrictions did not materialize, but some users may still have transferred holdings as a precaution.
Darkfost added that fear-driven withdrawals likely played a part as well. During periods of uncertainty, some investors remove assets from centralized venues first and decide on their next move later. Even so, he said the scale of the latest activity remains notable, and a meaningful share of the ETH leaving Binance may reflect real accumulation near the $1,500 level.