$ETH ETH on Binance is down to about 2.9 million coins, its lowest level since 2021. Analyst Darkfost offered a comparison: reserves were still above 5 million coins in July 2025, when ETH was nearing $5,000. Since then, the price has fallen by more than 63%, while reserves have dropped by nearly 42% over the same period. He noted that the 30-day moving average of net exchange flows has been mostly negative, with outflows exceeding inflows, and suggested investors may be moving coins to their own wallets or into DeFi yield opportunities during the pullback. One caveat: withdrawing coins does not necessarily mean accumulation. Whether declining reserves will reduce the supply available for sale remains to be seen, and can only be discussed once demand actually recovers. In the short term, don't focus on a single headline; trading volume and price ranges offer a clearer picture.