Ethereum Investors Are Pulling ETH Off Binance at a Pace Not Seen in 3 Years

Ethereum is seeing stronger accumulation than Bitcoin, as Binance withdrawals reached three-year highs. Ethereum climbed steadily on Monday. The leading altcoin rose 6% over the past 24 hours and trades above $2,700 at press time. New data now suggest that ETH is seeing a strong wave of accumulation. Quiet Accumulation Ethereum has rocketed by 80% from $1,510 in just three months. According to CryptoQuant, the rally has also changed the crypto asset’s recent market structure. It has moved above April’s high, showing stronger momentum. Bitcoin, meanwhile, has been struggling to hold firmly above its May high. One of the major signals is coming from Binance. The monthly average of ETH withdrawal transactions from the exchange has now crossed 90,000. CryptoQuant observed that this is the highest level seen in three years. It is also about twice the level recorded at the start of the year. The rise in withdrawals can be a sign of increased accumulation. Investors appear to be moving ETH away from exchanges and into private wallets or custody solutions. This often reflects a longer-term holding strategy. CryptoQuant found that the trend has been “fairly sudden” and significant. The data...