The on-chain expert revealed that ETH reserves on Binance continue to shrink, driven by persistent whale outflows. Large ETH holders have been steadily withdrawing their assets from the crypto exchange, a sign of growing trust and interest in the altcoin.
In fact, within a few minutes, Binance saw three significant outflows. Data shared by the on-chain expert shows that the first transaction consists of roughly 23,000 ETH, the second, which was larger, contained 64,000 ETH, while the last and largest transfer contained 83,000 ETH. In total, these transactions are valued at approximately $750 million.
Furthermore, large whales holding 1,000 ETH to 10,000 ETH have been steadily accumulating following weeks of distribution. Within a 30-day period, these investors have amassed more than 411,000 ETH. The massive movement highlights large holders’ interest and conviction in ETH’s long-term prospects.
