Binance experienced a dramatic surge in Ethereum withdrawals, with over 166,000 ETH leaving the exchange in a single day, according to data from CryptoQuant. This marks the highest withdrawal activity since March 2023 and coincides with ETH trading near the $1,500 level after a prolonged downtrend.
Ethereum has declined roughly 67% from its 2025 peak, a correction about 15 percentage points deeper than Bitcoin's over the same period. The two-day rebound of around 10%, lifting ETH above $1,700, has fueled speculation that investors view $1,500 as an attractive accumulation zone.
The withdrawal spike may reflect long-term holding intentions, as coins moved off exchanges are often stored in private wallets. However, analysts caution that some transfers could be destined for DeFi platforms or other services, and that upcoming MiCA regulations in Europe may have prompted pre‑emptive withdrawals before the July 1 deadline—although Binance did not impose any restrictions. CoinGecko data shows ETH trading at $1,719.28, up 6% in 24 hours, with the pair ETH/BTC also gaining 3.8%.
