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Binance ETH withdrawing transactions hit a 3-year high
Since its last top in August 2025, Ethereum is showing a drawdown of around 67%, roughly 15 percentage points deeper than Bitcoin's correction over the same period. Over the past two days, ETH has posted a modest rebound of around 10%, coinciding with the sharpest increase in withdrawal transactions recorded on Binance since March 2023. Binance logged more than 166,000 withdrawal transactions in a single day, a level not seen in over 3 years. This surge in withdrawals could reflect genuine demand building around the $1,500 level, with investors choosing to take exposure and pull their funds off the exchange, a pattern that typically points toward longer-term accumulation rather than short-term trading. It could also partly reflect funds being withdrawn to be redeployed in DeFi in search of yield, rather than being held passively in self-custody. Some of these withdrawals may also stem from panic and FUD surrounding the MiCA requirements taking effect on July 1st, which led some to believe withdrawals would be frozen at that date, even though withdrawals were never actually restricted. While there are several reasons why this spike shouldn't be read as pure accumulation, the sheer volume of withdrawal transactions remains substantial, and a meaningful share of that ETH still likely represents genuine accumulation.