Binance Ethereum (ETH) Withdrawals Top 90,000 a Month, Highest Since 2023

90,000 Withdrawals a Month Off Binance

Ethereum (ETH) is leaving Binance at the fastest pace in roughly three years, and on-chain data suggests the move is deliberate accumulation rather than short-term trading. The 30-day moving average of ETH withdrawal transactions on the exchange recently crossed 90,000 per month — the highest level recorded since 2023 — according to CryptoQuant analyst Darkfost. At the start of the year, that same average sat near 40,000 to 50,000 transactions, so the withdrawal rate has close to doubled over 2026. The scale matters: this is not a one-day spike tied to a single whale, but a sustained, months-long rise in the baseline of coins exiting the exchange.

The reading our desk takes from the order flow is that buyers are purchasing Ethereum on Binance and moving it to self-custody or personal wallets — behavior historically consistent with medium- and long-term holding intent rather than imminent sell pressure. Darkfost has framed the pattern as a form of quiet accumulation, with coins bought on-exchange being relocated into longer-term storage. One caveat deserves equal weight, however: a withdrawal transaction count is not a net-buy metric. Outflows can include deposits into staking contracts, moves into DeFi protocols, or simple transfers between wallets owned by the same holder, and none of those mechanically removes sell-side supply. The signal is directional, not conclusive — but the magnitude and persistence of the outflow trend is unusual enough to mark a structural shift in how Ethereum (ETH) holders are treating the exchange.

75% in Three Months, Ahead of Bitcoin

The withdrawal wave lands against a sharply bullish price backdrop. Over the past three months, ETH has climbed from roughly $1,510 to around $2,650 — a gain of more than 75% — and has since pushed through its April high, a level that capped the previous rally attempt. By comparison, Bitcoin has not yet managed to stabilize above its own May peak, leaving the relative-strength picture unambiguous: in this phase of the cycle, altcoins led by Ethereum are outperforming the market's anchor asset. Darkfost assessed that the flow currently forming in Ethereum is considerably stronger than anything visible in Bitcoin right now.

Part of that divergence may be structural rather than speculative. A growing share of the coins leaving exchanges is likely headed into proof-of-stake infrastructure — Ethereum (ETH) deposited to the validator network exits circulating supply entirely and earns yield for its holder, turning storage into an income strategy rather than idle custody. That dynamic was essentially absent in the last cycle, and it gives Ethereum a supply-sink mechanism Bitcoin does not replicate. Readers weighing the long-term thesis can review how the network's consensus design changed in the Ethereum 2.0 upgrade, which converted holding into an active, yield-bearing position. Combine that with a multi-month 75% advance and the outflow record starts to look less like froth and more like conviction positioning. Readers tracking the market in real time can follow live spot and futures prices on Gate.

COINOTAG Composite: $2,675 Ceiling Under Test

A single on-chain rotation now puts a concrete whale footprint behind the exchange-flow trend: Lookonchain tracked one entity selling 1,107 BTC — roughly $86.76 million — on Hyperliquid over five days, then buying 34,422 ETH, about $86.5 million, and staking the entire position. Committing the full stake rather than holding the coins liquid suggests the rotation was not a quick flip into another tradeable position, although staking alone does not pin down an investment horizon. The move lands as Bitcoin tests a resistance band around $81,500–$82,000, where it struggled in May, with $79,000–$80,000 in play on a failure; Ethereum, by contrast, broke out of its $2,400–$2,550 consolidation and pushed to roughly $2,700 intraday. One whale's $86 million does not establish a market-wide BTC-to-ETH shift, but the session it occurred in saw ETH gain about 3% versus roughly 1% for BTC.

(as of 08:40 UTC) As of the latest reading, ETH trades at $2,672.57, up 3.57% in 24 hours, and is pressing directly into resistance. COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $2,675 resistance at 87/100 (STRONG), driven by the confluence of a flip from support to resistance, the Bollinger Upper band, the swing high and the Keltner Upper channel. Immediate support below sits at $2,619.81, scored 76/100 (Flip R→S, ATR Lower, Fibonacci 0.114, Pivot Point), with a deeper floor at $2,420.62 rated 78/100 (Fibonacci 0.214, EMA 50, SMA 50). Derivatives positioning leans long: funding is a mild +0.0073%, open interest stands at $11.79 billion, and the account long/short ratio is 1.23 (55.2% long). The Fear & Greed Index at 70 (Greed) flags elevated sentiment risk. A daily close above $2,675 with RSI at 67.57 and a bullish MACD opens the $2,979 extension; a rejection back through $2,620 would invalidate the bullish read.