Key Highlights
- More than 31.6 million Ether was withdrawn from major exchanges, making it the largest monthly outflow since November
- Binance recorded about 14.45 million ETH in withdrawals, nearly half of the total outflow.
- Data from Hyblock show small trades (under $10,000) recorded about $95 million in net buying.
On-chain data from CryptoQuant showed that more than 31 million Ether left centralized exchanges worldwide in February. This withdrawal was led by Binance, which pushed the amount of ETH held on exchanges to a multi-year low while the price traded near $1,989.
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According to Crypto analyst Arab Chain, about 31.6 million ETH were withdrawn from major exchanges during the month, making it the biggest monthly outflow since November. Binance alone recorded roughly 14.45 million ETH leaving its platform, which is close to half of the total withdrawals
OKX followed with around 3.83 million ETH moved out, while Kraken saw close to 1.04 million ETH withdrawn during the same month.Â
Exchange balances at multi-year lows
Separate data from CryptoQuat show that Binance’s Ether reserves now stand near 3.46 million ETH. This is the lowest level recorded on the exchange since 2020. In earlier market cycles, Binance’s ETH balance rose above 5 million before gradually declining. The latest numbers extend that downward pattern in exchange-held supply.
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When investors move ETH off exchanges, the coins are usually sent to private wallets or staking platforms. Coins kept there are not easily available for quick trading. This means there is less ETH sitting on exchanges for buyers and sellers to trade at any moment.Â
With ETH trading below the $2,000 level, the lower exchange balance brings attention to how future buying demand could affect the available supply near that price.
Split between small and large traders
In addition, data from Hyblock indicate cumulative volume delta (CVD), which measures net buying or selling, stands at about positive $95 million for trades between $0 and $10,000. This suggests that smaller traders have been buying more than selling.Â
However, in the $10,000 to $100,000 range, CVD shows around negative $162 million, meaning more selling than buying. For trades above $100,000, the figure is near negative $357 million, showing stronger selling from larger participants.
In addition, the bid–ask ratio recently turned slightly positive, rising to about 0.2 before dropping to 0.03. This follows a period of negative readings. Aggregated open interest is now around $9.41 billion, down from nearly $10 billion in late February. During this time, Ether has been moving between $1,900 and $2,000.
Also Read: Ethereum Whale Activity Surges As ETH Price Eyes $2,000 Breakout
