The reasons for the massive withdrawal of Ethereum from the Binance crypto exchange have become known

Recent Lookonchain analytics have shown that an anonymous Ethereum whale is actively withdrawing ETH from the Binance exchange. According to Etherscan, a large cryptocurrency holder withdrew 8,968 ETH on November 4 and another 8,618 ETH the next day. The total amount of funds withdrawn from the exchange reached almost $ 32 million.

AMBCrypto’s analysis of Ethereum’s exchange supply has revealed a recent drop in the volume of assets on exchanges. The chart shows a marked decline in ETH that began around October 23. During this period, supply fell from over 10.7 million to around 10.6 million ETH.

In addition, this decline indicates that more and more ETH coins are being withdrawn from other crypto exchanges. AMBCrypto suggests that this is another trend for investors to accumulate cryptocurrency.

In addition, an analysis of Glassnode’s Exchange Netflow chart revealed a steady trend of cryptocurrency outflows from exchanges. The chart shows that over the past few days, the volume of assets leaving exchanges has exceeded the inflow.

A further analysis of Ethereum whale transactions worth more than $ 100,000 and $ 1 million on Santiment showed a noticeable surge in activity. If we consider transactions worth more than $ 100,000, 179 such transactions have been recorded so far.

In addition, the $ 1 million category has also seen a significant level of activity. At the time of writing, there have been about 12 transactions recorded. The figures indicate a high level of engagement and increased activity among Ethereum whales.

At the time of writing, the leading altcoin is trading at $ 1,876 with a market capitalization of $ 225.8 billion. Traders secured daily trading deals worth $ 8.27 billion. Ethereum’s market share amounted to 17.2%.