Yeliz Akmaca 
In the past 24 hours, some of Ethereum largest holders have withdrawn around 413,000 ETH from Binance, marking the largest single-day outflow since February. According to data shared by CryptoOnchain, this represents over $1.4 billion. The net outflow from the platform was approximately 106,000 ETH, indicating a clear preference for long-term storage over short-term selling.
Whales Signal Long-Term Confidence
Large-scale withdrawals from major exchanges are often interpreted as a positive market signal. While Binance saw inflows of 307,000 ETH, the 413,000 ETH moved to private wallets clearly dominated the trend. This behavior points to a potential reduction in readily available supply, which could support a price increase if demand rises.
Reduced Supply Boosts Price Potential
Since Q2 2025, wallets holding between 10,000 and 100,000 ETH have collectively increased their balances by approximately 7.6 million ETH, a 52% growth. Meanwhile, ETH held on centralized exchanges has dropped to its lowest level since 2016, minimizing the risk of large-scale sell-offs. Ethereum is currently seeking stability around $3,400 after falling from its August all-time high of nearly $4,950 to a recent low near $3,000. Some analysts compare this correction to a similar pattern in 2020 that preceded a strong rally.
Market Faces Contrasting Forces
Despite whale accumulation, market activity remains high. ETH trading volume on Binance has surpassed $6 trillion in 2025, and record-high open interest in derivatives markets indicates speculative trading is driving volatility. Technically, Ethereum faces key resistance around $3,700. A decisive break above this level could open the path toward $4,000, while failure could test lower supports.
Fusaka Upgrade and Future Outlook
The actions of the largest investors suggest they view the recent dip as a buying opportunity. Ethereum’s upcoming Fusaka upgrade, scheduled for December 3, aims to improve network efficiency and reduce transaction costs. These developments reinforce long-term confidence among ETH holders.
Bullet List: Impact of Whale Activity
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413,000 ETH withdrawn from Binance, net outflow 106,000 ETH
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10k–100k ETH wallets grew by 7.6 million ETH, a 52% increase
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Centralized exchange holdings at lowest level since 2016
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Fusaka upgrade may impact price and investor confidence
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