Crypto analyst Darkfost said Binance's reserves reached about 2.9 million ETH, the lowest level since 2021, after falling about 42% over the past year and a half. Darkfost suggested that some investors may be buying during the price decline and moving ETH into personal wallets or DeFi yield strategies. However, withdrawals from exchanges do not establish that investors are accumulating ETH. Continued reserve declines could reduce the ETH readily available for sale and improve supply-demand conditions if demand recovers.