Binance ETH reserves fall to ~2.9M, lowest since 2021: analyst

The scale of the drawdown in Binance's ETH reserves is notable less for the absolute number than for the timing: a near-42% decline in exchange-held ETH alongside a steep price fall suggests holders are moving coins off-exchange rather than staging them for sale. The analyst's own caveat is the key detail — withdrawals signal intent to self-custody, not conviction to accumulate, and could equally reflect risk management after a prolonged downturn. Whether the negative net-flow trend persists, and whether it is matched by visible accumulation elsewhere, is the open question.