Binance Logs Record Ethereum Withdrawals Amid Price Surge

Binance has witnessed its highest Ethereum withdrawal activity in three years, according to data from CryptoQuant.

A record 166,000 ETH withdrawal transactions took place on a single day, surpassing previous highs since March 2023.

The surge in withdrawals coincides with Ethereum's 10% price increase over the last two days. Analysts suggest that investors are accumulating Ethereum at around $1500, transferring coins to personal wallets, which may indicate a long-term holding strategy.

CryptoQuant notes that not all transactions can be solely attributed to accumulation, as some funds may have been moved to DeFi protocols for additional profit or withdrawn due to concerns over the implementation of new MiCA regulatory requirements.