Ethereum holders have withdrawn 1.4 million ETH from exchanges since early June, according to data from Santiment. The outflow represents an 18% decline in exchange-held ETH over a twelve-week period, dropping from approximately 7.69 million coins on June 3 to roughly 6.28 million by August 27.
The withdrawal pattern accelerated even as ETH price gained ground. An additional 275,000 ETH left exchanges after August 19 alone, pushing balances to their lowest point during the period. ETH climbed approximately 27% since August 16, with the exchange exodus continuing through the price rally.
Bitcoin followed a diverging trend over the same timeframe. BTC exchange balances rose about 0.25%, sitting near the top of their recent range. The contrasting movements between the two largest cryptocurrencies suggest a shift in how traders are positioning their holdings.
At the time of reporting, ETH was trading at $2,523.03 on CoinGecko, up 3.17% over the preceding 24 hours and 8.50% over the past week. Trading volume reached $15.89 billion.
Technical analysts pointed to potential resistance levels and narrative drivers for future price movement. Some commentators highlighted institutional staking and real-world asset issuance on Ethereum as potential catalysts for demand, noting that traditional transaction fee mechanisms may play a diminished role as blockspace becomes more abundant and cheaper.
