ETH withdrawal volume hits 3-year high as price surges
Ethereum (ETH)
Editor:
Eugene Serbin
lookonchain.com reports that Ethereum prices have risen from $1,510 to $2,650 over the past three months, breaking through April highs. This 75% increase places ETH’s price trend temporarily ahead of Bitcoin, which has yet to sustainably hold above its May highs. CryptoQuant analyst Darkfost notes that ETH withdrawal volume on Binance has reached a three-year high.
Monthly average ETH withdrawal transactions have just crossed 90,000, a level not seen since 2023. This figure is roughly double the withdrawal volume recorded at the start of this year. Large volumes of ETH moving out of exchanges typically signal investors transferring assets to private custody.
Such moves are often linked to long-term holding and accumulation strategies. Currently, this accumulation trend is far more prominent for ETH than for BTC. Darkfost highlights that this on-chain activity supports the recent price surge.
How the market reacted
Whalio's own Binance spot order flow for ETH, measured when this story was written up on 21 September 2026. Not the outlet's figures.
ETH is trading at $2,645.21 with a 1-hour buy ratio of 50.7% and a 4-hour buy ratio of 54.6%. These short-term ratios indicate that buying pressure is currently building relative to the 24-hour period. The 24-hour buy ratio sits lower at 46.1%, showing that buying has been more balanced over the full day. Volume delta reflects this shift, with positive inflows of $1,385,019 in the last hour and $40,074,770 over four hours. However, the 24-hour volume delta is negative at -$44,432,228, indicating net selling over the longer timeframe. This suggests that while recent trading is bullish, the overall daily flow remains net outflow.
The latest daily buy ratio of 46.8% sits at the 16th percentile of the last 322 days, against a median of 49.5% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ETH, averaged over the days leading up to the story.
The current 24-hour buy ratio of 46.1% is below the 7-day average of 49.1%, marking a 3.0 point drop. Volume is also subdued, trading at 0.71x the average daily volume. Only 2 of the past 7 days saw net buying, compared to the 15 hours of net buying recorded in the last 24 hours. This indicates that today is an unusual day for accumulation compared to the preceding week. The price has changed +6.8% over the last 8 days, with a total volume delta of -$84,538,006 for the period.