Ethereum reserves on Binance have dropped to approximately 2.9 million ETH, their lowest level in almost five years, even as the cryptocurrency fell below $1,850 during a marketwide selloff.
Summary
- Ethereum reserves on Binance dropped to approximately 2.9 million ETH, according to CryptoQuant analyst Darkfost.
- Binance’s estimated ETH reserves have declined nearly 42% since July 2025, alongside a prolonged price correction.
- Negative 30-day ETH netflows suggest continued withdrawals, although those transactions do not independently confirm accumulation.
- US spot Ethereum ETFs recorded approximately $398.9 million in net outflows during November 9–13.
- Ethereum price traded near $1,800 at press time, while analysts examined oversold conditions and potential recovery levels.
According to CryptoQuant analyst Darkfost’s November 15 report, Binance held more than 5 million ETH in July 2025, when Ethereum was approaching $5,000. The estimated balance has since declined nearly 42%, while ETH has lost more than 63% from its peak.
Ethereum price traded near $1,830 at the latest check of crypto.news price data, down roughly 4% in 24 hours. It had touched $1,713.65 during the session and was down approximately 19.5% over seven days.
Binance Ethereum reserves reach lowest level in nearly five years
Darkfost said Binance’s 30-day average of Ethereum netflows had remained negative for much of the period, meaning withdrawals generally exceeded deposits. He suggested that holders could be moving ETH into private wallets or decentralized finance applications as prices fell.
One possibility, he said, was that investors were buying at lower prices and withdrawing the tokens for longer-term storage. Others might be using ETH in staking and yield-generating strategies outside centralized exchanges.
“This sustained trend of net outflows further supports the accumulation hypothesis,” Darkfost wrote, though he cautioned that withdrawals do not prove fresh purchases.
The longer-term change had appeared in CryptoQuant data before Sunday’s update. On November 3, analyst Amr Taha estimated Binance reserves at 3.08 million ETH as of November 2, down from approximately 4.9 million at their 2025 peak. Across tracked exchanges, reserves had declined to 14.5 million ETH, versus nearly 35 million in 2020.
The movement represents fewer coins in wallets that CryptoQuant identifies as belonging to exchanges. It does not establish where every withdrawn token went or whether its owner intends to sell later.
Moreover, Binance’s most recent proof-of-reserves snapshot showed customer ETH balances moving in the opposite direction over a shorter period. The exchange recorded 3,482,001 ETH on November 12, compared with 3,446,090 on November 4.
The gain of 35,911 ETH, or 1.04%, appeared in a reserve update that included 198 cryptocurrencies. During the same eight days, customer USDT balances dropped by approximately 928.2 million tokens.
As crypto.news previously reported, the snapshot followed Binance’s announcement that assets affected by the October 29 hack had been replenished. The company published the additional review outside its usual monthly reporting schedule.
Ethereum ETF outflows continue as Foundation-linked wallet sells
Withdrawals from investment funds have continued while Ethereum has struggled to hold above $2,000. Farside Investors recorded approximately $398.9 million in net outflows from US spot Ethereum ETFs between November 9 and 13.
The biggest daily withdrawal was $184.6 million on Monday, followed by $144.8 million on Wednesday and $70.5 million on Thursday. Friday produced a modest $2.3 million inflow after four consecutive negative sessions.
Selling has reached Ethereum Foundation-linked wallets. Onchain Lens reported that an address it tracks as associated with the Foundation sold 7,500 ETH over four days, receiving around 14.52 million USDS.
The latest transaction involved 2,500 ETH swapped through CoW Swap for 4.597 million USDS, with the proceeds moved to a multisignature Safe wallet. The blockchain tracker identified the address as 0x5CBC, which had appeared in previous reports of Ethereum Foundation-linked transfers.
As we reported earlier today, BitMine Chairman Tom Lee described several possible explanations for the crypto slump, including the Nvidia selloff, investor preparations for Anthropic’s IPO and the return of customer access to crypto after the Binance hack.
Lee continued to describe the industry as being in a “supercycle,” although his explanations have not been quantified as direct causes of Ethereum selling.
Ethereum analysts discuss possible recovery as whales trade
Large holders have not all been selling. A wallet tracked by Lookonchain withdrew 34,601 ETH, then worth roughly $73.75 million, from Binance on November 9 after more than two years without activity. The transfer confirmed the withdrawal, not whether the coins had just been bought.
Crypto analyst CrediBULL Crypto said the ETH and ETH/BTC charts were displaying similar patterns and could be setting up a longer-term bottom if Bitcoin stabilized.
“The setup is here, now we just need $BTC to behave,” he wrote.
Trader Joep Gerla separately pointed to what he described as Ethereum’s third oversold signal this year. He compared it with February and June, when he said similar conditions preceded moves toward $2,400 and $2,800.
Ethereum’s recent session low near $1,714 remains below the 1,790–1,814 area traders have watched as support. The next resistance zone identified in the supplied technical analysis stands between $1,838 and $1,868.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
