Ethereum’s (ETH) price fell to its lowest level since early July on Sunday. Yet Binance’s ETH reserves dropped to about 2.9 million, the smallest stockpile in nearly five years.
Coins leaving exchanges usually point to holders who are not selling, and whales have been buying.
However, ETH still trades 63% below its August 2025 peak, and the buying has yet to set a floor.
Ethereum Keeps Draining Out of Binance
Binance ETH reserves have fallen to roughly 2.9 million, analyst Darkfost noted. Holdings were last this low in November 2020, when ETH traded near $400.
The exchange held more than 5 million ETH in July 2025.
Since then, reserves have dropped by nearly 42%, with 30-day average netflows mostly negative.
Darkfost said investors may be moving coins into self-custody or decentralized finance (DeFi) yield strategies.
Still, he cautioned that withdrawals alone do not prove accumulation.
“Over the longer term, a continued decline in exchange reserves could reduce the amount of ETH readily available for sale, potentially creating a more favorable supply environment if demand begins to recover,” he said.
Meanwhile, blockchain tracker Lookonchain flagged four Ethereum whales buying the dip, two of them withdrawing straight from exchanges.
Ethereum Price Slips Below Where Whales Bought
ETH traded at $1,826.23 at press time, down 4.26% over the past 24 hours, according to BeInCrypto Markets data.
Earlier, the price dipped to about $1,711 on Binance, its lowest level since early July. That leaves all four buyers roughly 6% to 8% underwater on paper.
Analyst Ted Pillows noted that ETH bounced from its $1,700 to $1,720 support zone. He warned that losing it could open a path toward Ethereum’s 2018 highs.
In contrast, Ali Charts flagged a daily buy signal on the TD Sequential, a trend-exhaustion indicator. He said a rebound could first test the 200-day simple moving average (SMA) near $2,150.
The whales’ $1,933 to $1,990 entry band sits between ETH and that level. Some of the Binance outflow may also reflect safety withdrawals after its $6.3 billion hack in October.
For ETH holders, the $1,700 support may matter more than reserve data in the days ahead.
