According to a CryptoQuant Quicktake post by contributor CryptoOnchain, Ethereum outflows across all leading crypto exchanges have surged. In August-September 2025, the 50-day Simple Moving Average (SMA) netflow fell below -40,000 ETH per day, the lowest level since February 2023.
The 50-day SMA dropping below -40,000 ETH per day signified reduced spot market supply and potential upward price pressure. The analyst shared the following chart to explain this dynamic.
Meanwhile, data from Binance crypto exchange shows netflow fluctuations over the past two years, oscillating between positive and negative values. However, a clear move towards heavy outflows has emerged in recent months.
The following chart shows how the 50-day SMA has reached its lowest level in two years on Binance. This indicates diminished liquid holdings on Binance, in line with the broader market trend.
A similar trend can be observed on Coinbase Advanced, a top crypto trading platform that primarily serves institutional investors and US-based clients. Here, the 50-day SMA has dropped to around -20,000 to -25,000 ETH, recording the lowest level ever for this exchange.
The CryptoQuant contributor noted that the significant decline on Coinbase Advanced since early summer 2025 indicates large-scale asset transfers. Presumably, these are done by institutional investors into cold wallets or non-custodial platforms.
CryptoOnchain concluded by saying that the combination of multi-year lows at Binance, coupled with all-time lows at Coinbase Advanced, signals a structural, market-wide trend of ETH withdrawals from exchanges. They added:
This kind of liquidity drain typically reduces immediate supply and sets the stage for potential medium‑term bullish moves – provided demand in the market rises.
