CryptoOnchain2025-09-26

Ethereum’s Great Exchange Exodus: Multi‑Year and All‑Time Netflow Lows Signal a Structural Supply Shift

Based on the three charts, analysis of Ethereum Exchange Netflow (Total) with a 50‑day moving average shows a sharp increase in outflows, with common patterns across all exchanges and the two largest platforms, Binance and Coinbase. 1. All Exchanges In recent weeks, ETH outflows have surged, and in August–September 2025 the 50‑day SMA netflow fell to the lowest level since February 2023, dropping below −40K ETH per day. This drop often indicates reduced spot market supply and potential upward price pressure. 2. Binance Data from Binance, which handles a large share of ETH trading volume, shows netflow fluctuations over the past two years, alternating between positive and negative, but in recent months a clear move toward heavy outflows has emerged. The 50‑day SMA has reached its lowest level in two years, indicating diminished liquid holdings on Binance in line with the broader market trend. 3. Coinbase Advanced At Coinbase Advanced, which serves mainly institutional and U.S. clients, ETH outflows have intensified, with the 50‑day SMA dropping to around −20K to −25K ETH, marking the lowest level ever recorded for this exchange. The sharp decline since early summer 2025 signals large‑scale asset transfers, notably by institutional investors, into cold wallets or non‑custodial platforms. Final Takeaway The combination of multi‑year lows at Binance, all‑time lows at Coinbase, and the lowest levels since February 2023 across the entire market signals a structural, market‑wide trend of ETH withdrawals from exchanges. This kind of liquidity drain typically reduces immediate supply and sets the stage for potential medium‑term bullish moves—provided demand in the market rises.