Binance’s ether reserves just hit a six-month low, while withdrawals spiked to a record. CryptoQuant puts the Binance balance near 3.46 million $ETH , about 9% under the late-August peak near 3.9 million. Price is about $2,400, down from the $2,800 area in September. The reserve fell through that drop, instead of rising as sellers sent coins in. withdrawal transactions on Binance jumped above 200,000, the highest reading on the chart going back to 2019. A withdrawal is ether leaving the exchange. It can go to a private wallet, another venue, or a fund. It is not automatically a buy. It does mean the coins are no longer sitting where they can be sold on Binance in one click. the split is the point. Price is down. The balance is down with it. If holders were rushing to sell, the reserve would usually rise. Here it fell, and the withdrawal count hit a high. 3.46 million $ETH is the inventory. 9% is the drop from August. The record is the withdrawals, not the price. #BTC Price Analysis# #Macro Insights# #Altcoin Season# $BTC