Ethereum fell to its lowest price level since early July on Sunday, while the amount of ETH held on Binance dropped to about 2.9 million tokens — the smallest stockpile in nearly five years, according to analyst Darkfost.
Reserves on the exchange were last this low in November 2020, when ETH traded near $400. Binance held more than 5 million ETH in July 2025, meaning holdings have fallen by nearly 42% since then, with 30-day average netflows mostly negative.
Why coins are leaving Binance
Darkfost said investors may be moving coins into self-custody or decentralized finance (DeFi) yield strategies. He cautioned, however, that withdrawals alone do not prove accumulation.
“Over the longer term, a continued decline in exchange reserves could reduce the amount of ETH readily available for sale, potentially creating a more favorable supply environment if demand begins to recover,” he said.
Coins leaving exchanges are typically read as a sign that holders are not selling, and blockchain tracker Lookonchain flagged whales buying during the downturn. Four Ethereum whales were identified as buyers, two of them withdrawing directly from exchanges.
- Wallets linked to Erik Voorhees spent $125.27 million to buy 63,540 ETH at an average price of $1,972.
- 7 Siblings spent $60.88 million to buy 31,484 ETH at an average price of $1,933.
Price sits below the whales' entry band
ETH traded at $1,826.23 at press time, down 4.26% over the past 24 hours, according to BeInCrypto Markets data. Earlier, the price dipped to about $1,711 on Binance, its lowest level since early July.
That leaves all four buyers roughly 6% to 8% underwater on paper, with their $1,933 to $1,990 entry band sitting above the current price.
Ethereum still trades 63% below its August 2025 peak, and the buying has yet to set a floor.
Levels in focus
Analyst Ted Pillows noted that ETH bounced from its $1,700 to $1,720 support zone. He warned that losing it could open a path toward Ethereum's 2018 highs.
In contrast, Ali Charts flagged a daily buy signal on the TD Sequential, a trend-exhaustion indicator. He said a rebound could first test the 200-day simple moving average near $2,150.
Some of the Binance outflow may also reflect safety withdrawals following the exchange's $6.3 billion hack in October. For ETH holders, the $1,700 support may matter more than reserve data in the days ahead.
