Analyst: Binance Ethereum Reserves Hit 6-Month Low, Single-Day Withdrawal Transactions Hit Record High

On October 9, CryptoQuant analyst Darkfost stated that the cryptocurrency market has recently entered a short-term correction phase, with the total market capitalization of altcoins excluding Bitcoin (Total2) shrinking by over $110 billion in three days; among them, Ethereum (ETH) fell by 11%, shedding over $38 billion in market value.

Despite the price pullback, investors continue to accumulate and withdraw Ethereum. During this period, Ethereum reserves on the Binance exchange declined from 3.57 million to 3.47 million coins, reaching a six-month low; a decrease of nearly 11.5% compared to the 3.92 million reserves held in August. Meanwhile, withdrawal activity on the Binance platform increased significantly, with over 320,000 ETH withdrawal transactions recorded in a single day on October 6, setting a new record high.

On-chain data indicates that, facing downward price action, investors are continuously transferring Ethereum to non-custodial wallets to secure long-term holdings, or generating yields through on-chain staking and other methods, while awaiting future exit opportunities.