Analysts say the withdrawals are a sign of long-term confidence a they reduce Ethereum’s available exchange supply.
Some of the largest holders of Ethereum have withdrawn around 413,000 ETH from Binance in the past day, the biggest single-day outflow since February, according to data shared by analyst CryptoOnchain.
This movement resulted in a net outflow of roughly 106,000 ETH from the platform, signaling a strong preference for long-term storage over immediate selling.
An exodus of digital assets from a major trading venue is often interpreted as a positive indicator for their price, suggesting that influential market participants are accumulating them in anticipation of future gains.
The data shared by CryptoOnchain reveals a telling story. While the top 10 transactions on Binance saw inflows of 307,000 ETH, they were completely overshadowed by another 413,000 ETH, worth more than $1.4 billion, that was moved into private wallets.
The behavior points to a potential reduction in readily available supply, which usually lays the groundwork for a significant price increase if demand rises.
“Conviction among large holders is strong and could be setting the stage for a supply squeeze for Ethereum,” wrote the market technician.
This activity fits a broader pattern observed since the second quarter of 2025, where wallets holding between 10,000 and 100,000 ETH have expanded their collective balance by approximately 7.6 million coins, a 52% increase. At the same time, the amount of ETH held on centralized exchanges has fallen to its lowest point since 2016, reducing the potential for large-scale sell-offs.
This accumulation is happening at a time Ethereum is trying to find stability above the $3,400 mark after dropping from its August all-time high of nearly $4,950 to a recent low near $3,000.
Some analysts see parallels between this correction and a similar pattern from 2020 that came before a powerful rally.
Despite the bullish accumulation by large holders, the market still has cautionary signals. Trading activity on major exchanges, such as Binance, has reached unprecedented levels, with ETH volumes on the platform surpassing $6 trillion in 2025, according to an analysis by CryptoQuant on November 10. Record-high open interest in derivatives markets indicates that speculative trading is a major force, contributing to increased price volatility.
The immediate technical picture presents a battle between buyers and sellers, with ETH facing a key resistance level around $3,700. A decisive break above this point could open the path toward $4,000, while a failure could lead to a test of lower supports.
For now, the actions of the largest investors suggest they are viewing the recent price dip as a buying opportunity, betting on Ethereum’s long-term value ahead of its planned Fusaka upgrade on December 3, which aims to improve the network’s efficiency and reduce costs.
