Analyst: Binance Ethereum Reserves Hit 6-Month Low, Single-Day Withdrawal Transactions Hit Record High
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 within three days; Ethereum (ETH) alone fell by 11%, erasing more than $38 billion in market value. Despite the price pullback, investors continue to accumulate and withdraw Ethereum. During this period, ETH reserves on Binance dropped from 3.57 million coins to 3.47 million coins, reaching a six-month low—a decrease of nearly 11.5% compared to the 3.92 million coins held in August. Meanwhile, withdrawal activity on the Binance platform surged significantly, with over 320,000 ETH withdrawal transactions recorded on October 6 alone, setting a new all-time high.
