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ETH withdrawals from Binance have surged, pushing medium- to long-term accumulation activity to its highest level in three years, according to CryptoQuant contributor Darkfost.
Darkfost said Binance’s monthly average for ETH withdrawal transactions recently topped 90,000, the highest level since 2023 and roughly double the level seen at the start of this year. Large amounts of ETH moving off exchanges suggest investors are transferring purchased holdings to personal wallets and other external addresses for longer-term holding, Darkfost said.