Binance Ethereum Holdings Hit Six-Month Low; Daily Withdrawal Count Reaches Record 320,000
Summary
- Global cryptocurrency exchange Binance saw its Ethereum (ETH) holdings fall to their lowest level in the past six months.
- Darkfost said exchange withdrawals have continued even as Ethereum's price fell about 11% and its market capitalization dropped by more than $38 billion.
- Binance's daily Ethereum withdrawal transactions surpassed 320,000, setting an all-time high.
Forecast Trend Report by Period
Ethereum holdings on global cryptocurrency exchange Binance have fallen to their lowest level in six months.
Darkfost, a CryptoQuant contributor, wrote on Oct. 8 that Binance's Ethereum reserves fell by about 100,000 tokens over the past three days, to 3.47 million from 3.57 million. The 3.47 million balance marks the lowest level in the past six months. Compared with 3.92 million in August, that is a decline of about 11.5%.
Darkfost highlighted that investors have continued withdrawing Ethereum despite the recent market correction. Even as Ethereum's price fell nearly 11% and its market capitalization dropped by more than $38 billion, Ethereum has continued to leave exchanges. Exchange outflows are typically interpreted as a sign that investors intend to hold the asset.
Meanwhile, Binance's daily number of Ethereum withdrawal transactions surpassed 320,000 as of Oct. 6, setting a record high.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul