More Than 3 Million Ether Leave Binance in Net Outflows in May
Summary
- Crypto analyst Arab Chain said more than 3 million ETH in net outflows have left Binance so far in May.
- The analyst said the moves may point to long-term holding and accumulation as ETH holds steady near $2,300.
- The analysis said a decline in ETH held on exchanges can be interpreted as a factor that eases selling pressure over the medium to long term.
Forecast Trend Report by Period
Binance has recorded large Ether withdrawals so far in May, prompting speculation that some investors are shifting to long-term holdings.
Crypto analyst Arab Chain wrote in a CryptoQuant post on May 12 that Binance has seen net outflows of more than 3 million ETH this month.
Daily withdrawals at one point exceeded 500,000 ETH, the data showed.
The market is watching the moves because they came with Ether holding relatively steady near $2,300, Arab Chain wrote.
The analyst added that whales and institutions may be moving ETH off exchanges for long-term holding and accumulation.
A decline in Ether balances on exchanges typically reduces the amount available for sale in the spot market.
That, in turn, can be interpreted as a factor that eases selling pressure over the medium to long term.
Market participants are now watching how accumulation by institutions and whale investors could affect Ether's price trajectory.
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