Binance Traders Drive Up Ethereum Buying, Posing Potential Price Rebound

Recent data from CryptoQuant suggests that Binance traders are increasingly buying Ethereum, which has led to speculation about a potential price rebound. According to analyst Amr Taha, the decline in Ethereum reserves on the exchange is a positive sign, as it indicates that traders are not planning to sell their coins immediately.

The reserve data shows that the Ethereum balance on Binance has dropped to 3.3 million ETH, which is below previous lows seen in February and August 2024. In contrast, stablecoin reserves such as Tether (USDT) and Circle (USDC) have been increasing, suggesting an increase in buying power.

While the price of Ethereum has decreased by 4.9% over the past 24 hours to $2,030, institutional investors are actively accumulating and staking ETH. Bitmine recently staked an additional 167,578 ETH valued at around $340 million, while Fidelity Investments purchased Ethereum worth over $140 million.