Largest outflows since October coincide with intensified whale buying below cost basis.
Ethereum (ETH) is experiencing its strongest wave of exchange withdrawals in months, while large holders continue accumulating despite price weakness, according to fresh data from on-chain analysis firm CryptoQuant.
Exchange Outflows Hit Multi-Month High
Over the past several days, more than 220,000 ETH have flowed out of centralized exchanges, the highest level of net withdrawals since last October.
The bulk of the movement occurred on Binance, where daily net outflows reached approximately 158,000 ETH on February 5, marking the largest single-day withdrawal from the exchange since August.
Such large-scale outflows typically indicate that investors are transferring ETH into private wallets or long-term storage solutions, reducing immediately liquid supply available for selling.
Historically, sustained exchange outflows have been associated with accumulation phases or reduced short-term sell pressure.
The withdrawals coincided with Ethereum trading in the $1,800-$2,000 range, following a broader market pullback.
ETH Price Below Whale Realized Cost Basis
At the same time, CryptoQuant data shows Ethereum is now trading below the realized price of wallets that started accumulating aggressively in June 2025.
Despite the current price sitting under their average entry level, these large holders continue to increase exposure. In fact, accumulation activity has intensified, notes CryptoQuant’s analysts.
This behavior suggests whales view current levels as strategically attractive, even as unrealized losses persist relative to their initial buying range.
Why This Matters
The simultaneous surge in exchange outflows and intensified whale accumulation below realized price points to a tightening supply environment. As ETH leaves trading platforms and large holders increase exposure, the immediate sell pressure declines. If broader sentiment stabilizes, this setup could provide structural support for the ETH price.
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