Binance ETH Withdrawals Surge to Three-Year High
According to CryptoQuant analyst Darkfost, Ethereum withdrawals via Binance have reached their highest level since 2023. The exchange's average monthly withdrawal count has exceeded 90,000, indicating a significant increase in medium- and long-term accumulation activity.
The monthly average of ETH withdrawals on Binance is approximately double the figure recorded at the beginning of the year. This trend suggests that investors are transferring purchased Ethereum assets to personal wallets or other external addresses, preferring longer-term holdings.
However, it's essential to note that exchange exits alone do not definitively prove that investors intend to hold assets long-term. Withdrawals from Binance reaching a three-year high have raised concerns about shifts in Ethereum investor custody preferences.