Binance logged 166K ETH withdrawals as Ethereum traded near $1,500, while CoinGecko showed ETH up 6% at $1,719.
Binance recorded more than 166,000 Ethereum withdrawal transactions in one day, marking its highest level since March 2023.
The increase came as ETH traded near the $1,500 area after a deep correction from its August 2025 high.
Market data shared by analysts showed ETH had fallen about 67% from that recent peak, while Bitcoin saw a smaller correction.
The withdrawal surge has raised questions about whether long-term accumulation is growing, although several other factors remain relevant.
Ethereum Withdrawals Reach Three-Year High
Binance saw its sharpest rise in ETH withdrawal transactions in more than three years. More than 166,000 withdrawals were recorded in a single day, according to the data cited by analysts. The level had not been seen since March 2023.
The move came after ETH dropped about 67% from its August 2025 high. That decline was about 15 percentage points deeper than Bitcoin’s correction over the same period. The gap showed that Ethereum faced stronger selling pressure during the latest downturn.
At the same time, ETH posted a modest rebound of about 10% over two days. The recovery followed a period of weaker trading across the crypto market. However, analysts said the withdrawal data needed careful reading before drawing firm conclusions.
CoinGecko data shows Ethereum trading at $1,719.28, up 6.0% over the past 24 hours. ETH is also up 3.8% against Bitcoin, trading at 0.02786 BTC, which shows stronger short-term performance than BTC.
The chart places Ethereum near the top of its 24-hour range, between $1,619.30 and $1,719.83. A move above $1,720 could support further upside, while a drop below $1,700 may signal a short-term pullback.
Demand Seen Around the $1,500 Level
The rise in Binance withdrawals may show renewed demand near the $1,500 price area. Crypto traders often track exchange withdrawals because they can suggest reduced selling pressure. Funds moved away from exchanges may also reflect longer holding plans.
「バイナンスの#ETH 出金トランザクション数が3年ぶり最高水準、長期アキュムレーションのシグナルか」#ETH は2025年8月の直近高値から約67%下落し、同期間の#BTC の調整より約15%pt深い水準です。
ここ2日間で#ETH… pic.twitter.com/wxVvdTDU6e
— CryptoQuant.com Japan🇯🇵 (@CryptoQuant_JP) July 2, 2026
Some analysts said the scale of the withdrawals pointed to possible accumulation. When users remove ETH from trading platforms, they may be moving coins into private wallets. This behavior can differ from short-term trading on centralized exchanges.
However, the data does not prove that all withdrawals were linked to buying demand. Some transfers may have gone to DeFi platforms or other crypto services. As a result, the withdrawal count gives a broad signal but not a complete market picture.
Read also: Ethereum Holders Are Under Historic Stress – Is a Major Rebound Next?
MiCA Concerns Add Another Factor
The withdrawal surge also followed concerns linked to MiCA rules in Europe. Some investors appeared to move ETH before the July 1 requirements took effect. Market analysts said those moves were tied to fears that withdrawals could be restricted.
Actual withdrawal limits on Binance did not follow those fears. No freeze was imposed, according to the details shared in the market report. Still, the concern may have added to the short-term rise in withdrawal activity.
The data, therefore, reflects several forces at the same time. Long-term accumulation, DeFi transfers, and MiCA-related caution may all have played a role. Traders are now watching whether ETH outflows continue, which could support stronger demand near $1,500.
