Ethereum investors withdrawing ETH from Binance at three-year highs while price rallies 80% in three months, signaling strong long-term accumulation despite recent ETF outflows.
Macro & Markets ·
Ethereum traded above $2,700 on Monday after a 6% gain in 24 hours, extending a three-month rally of 80% from $1,510. CryptoQuant data shows monthly average ETH withdrawals from Binance have reached 90,000, the highest level in three years and roughly double the figure from early 2024. This surge in outflows from the exchange suggests investors are moving ETH to private wallets or custody arrangements, a pattern typically associated with long-term holding strategies.
The withdrawal trend appears notably sharper than Bitcoin's comparable accumulation activity. If sustained, these outflows could signal continued buying pressure in Ethereum's market direction ahead. Technical analysis indicates the asset has reclaimed key fair value gaps and broken above April's highs, with the next upside targets between $2,715 and $2,900, then a wider resistance zone between $3,070 and $3,404.
US-based Ethereum ETFs, however, experienced headwinds midweek. Outflows totaling $404.7 million across Tuesday through Thursday offset smaller inflows on Monday and Friday, pulling August's cumulative ETF inflows below $190 million. Whether this institutional weakness will persist or reverse remains uncertain.