TL;DR:
- Binance recorded over 166,000 Ethereum withdrawal transactions in a single day, the highest level in more than three years.
- Analyst Darkfost from CryptoQuant identified three possible causes: genuine accumulation, migration to DeFi, and panic over MiCA requirements.
- ETH rose nearly 10% in two days and trades around $1,700, a zone historically associated with accumulation phases.
The Ethereum withdrawals from Binance reached a three-year high, as the platform recorded more than 166,000 withdrawal transactions in a single day. The figure was published by Darkfost, an analyst at CryptoQuant, who noted that a similar level had not been seen in over 36 months.
Ethereum had recorded a decline of approximately 67% from its last peak in August 2025, a correction that exceeds Bitcoin‘s by roughly 15 percentage points over the same period. The wave of withdrawals occurred during a moderate recovery of around 10% in two days, with ETH currently trading near $1,700.
📈 Binance ETH withdrawing transactions hit a 3-year high
Since its last top in August 2025, Ethereum is showing a drawdown of around 67%, roughly 15 percentage points deeper than Bitcoin's correction over the same period.
💥 Over the past two days, ETH has posted a modest… pic.twitter.com/gAVI2BLDRy
— Darkfost (@Darkfost_Coc) July 3, 2026
Why ETH Left Binance
Darkfost identified three possible reasons behind the withdrawal spike on Binance. The first is a surge in genuine demand near the $1,500 level, where investors open positions and move funds to their own wallets, behavior the analyst associates with long-term accumulation rather than speculative trading.
The second possible cause is the migration of funds into the DeFi ecosystem in search of yield, where the withdrawn ETH is not destined for passive storage but for active use in decentralized protocols.
The third factor highlighted by Darkfost is the panic triggered by the entry into force of MiCA requirements on July 1. Some users mistakenly believed that withdrawals would be frozen from that date onward, even though in practice no such restriction ever existed.
The Real Weight of the Numbers
The analyst stressed that the spike should not be interpreted as pure accumulation, given that the motivations are heterogeneous. However, he stated that even discounting the panic component and the migration to DeFi, a significant portion of the ETH withdrawn from Binance reflects genuine accumulation.
The $1,500 zone holds historical relevance, as in previous cycles it corresponded to phases of supply absorption by long-term investors. If the outflow from Binance is sustained over time, it could consolidate as a meaningful signal for the Ethereum market.
