ETH Outperformed. The Answer Is in Withdrawal Data.
Summary: Binance’s monthly average ETH withdrawals surpassed 90,000 for the first time since 2023. Behind the gains is hoarding.
On September 21, data released by CryptoQuant analyst Darkfost showed that the monthly average number of ETH withdrawal transactions on the Binance platform has surpassed 90,000, reaching the highest level since 2023. This figure is double the level at the beginning of the year.
Over the past three months, ETH has risen from about $1,510 to $2,650, an increase of more than 75%, and it has broken above April’s high. During the same period, Bitcoin has not yet firmly established itself above May’s high. The strength or weakness suggested by price is only superficial—withdrawal data provides another perspective.
What does withdrawal volume say?
When ETH flows out of exchanges such as Binance, it usually corresponds to withdrawal behavior following buying. Investors move assets into private custody instead of keeping them on the exchange to continue trading. This behavior pattern aligns with an accumulation strategy for the medium to long term, not short-term speculation.
The monthly average withdrawal transaction count breaks 90,000, meaning the participants in this behavior are expanding. Early in the year it was around 45,000; it doubled over three months. This change happened during the same period that ETH started its rally from around $1,510.
Price rising can be driven by sentiment, but a doubling in withdrawal volume is not. The former can reverse within a week; the latter reflects capital’s choice over time.
What should we look at next
Can ETH hold above $2,650? Breaking the April high is the first step; standing firm is the second.
Can Binance’s ETH withdrawal volume be maintained at the current level? If it falls back to the level from early in the year, the accumulation narrative will lose data support.
Can the ETH/BTC exchange rate continue to strengthen? This is a direct indicator of whether funds are switching between the two asset classes.
A bigger chessboard
Three months ago, when ETH was hovering around $1,510, market discussion was whether it would fall below $1,400. Now, the talk is about whether $2,650 can hold. The price has changed, but what’s really worth paying attention to isn’t the price itself—it’s the kind of behavior described by withdrawal data: buying steadily through volatility, then taking it off the exchange.
This behavior doesn’t show up in the candlestick chart. It shows up in withdrawal volume.
#ETH #CryptoQuant #Binance #Withdrawal data #accumulation