Data from CryptoQuant shows that the Ethereum (ETH) Exchange Outflow metric on Binance has recorded a notable spike in June. A large amount of ETH was withdrawn from the exchange while the price fluctuated around $1,710.
The sudden surge in the amount of coins withdrawn at a low price zone typically reflects a move to transfer assets to cold wallets or participate in staking, which can help alleviate spot sell pressure on the exchange in the short term.