Arab Chain
Ethereum withdrawals from exchanges hit their highest level since November
Data indicates that the total amount of Ethereum withdrawn from exchanges in February reached approximately 31.6 million ETH, marking the highest figure recorded since last November. This surge in withdrawals reflects a broad shift in investor behavior and points to a clear change in supply dynamics within centralized exchanges. At the individual exchange level, Binance led with the largest withdrawal volume, recording approximately 14.45 million ETH—nearly half of the total outflows. This figure confirms that activity is concentrated on the largest exchange in terms of liquidity, which is common during periods of structural market shifts. OKX came in second with approximately 3.83 million ETH, indicating notable investor activity on the platform. Kraken ranked third, with total withdrawals of approximately 1.04 million ETH, placing it among the top three exchanges by outflow volume during this period. The fact that total withdrawals exceeded 31 million ETH is a significant signal, as rising outflows are often interpreted as assets moving into cold storage or private wallets, thereby reducing the supply available for immediate trading on exchanges. When such movements coincide with sensitive price levels, they may reflect either increased long-term holding conviction or a strategic reallocation of positions. This reading—the highest since last November—puts the market at a critical juncture. If withdrawals persist, exchange supply could tighten further, potentially influencing the supply-demand balance in the coming period.