The crypto market has just entered a short-term corrective phase. Over three days, Total2, which represents the market capitalization of all altcoins, has wiped out more than $110B.

Ethereum, the largest of them by market cap, is down 11%, with its market capitalization falling by more than $38B.

Despite this pullback, some investors appear to keep accumulating ETH.

Over this period, ETH reserves on Binance went from 3.57 million to 3.47 million ETH. On a broader scale, they have just hit their lowest level in six months. In August, they still stood at 3.92 million ETH, a drop of nearly 11.5% since then.

This dynamic comes with a record-high number of withdrawal transactions on Binance: on October 6, more than 320 000 transactions of this type were recorded in a single day.

Despite the price decline, investors are therefore continuing to withdraw their ETH from the platform.

This points to a desire to hold them in self-custody over a longer horizon, and probably also to put them to work while waiting for a better selling opportunity.

Written by Darkfost