Over 1 Million Ethereum Withdrawn from Exchanges as Whale Accumulation Hits Record High
Ethereum is experiencing a major supply shift as more than 1 million ETH have been pulled from centralized exchanges over the past month, signaling a strong wave of accumulation by long-term holders and crypto whales. This trend reflects a growing investor preference to hold rather than trade Ethereum, especially following the highly anticipated Pectra upgrade.
According to CryptoRank, the total ETH held on centralized exchanges has declined from over 18 million to around 17 million within just 30 days — a 5.5% drop. Notably, Binance alone has seen over 300,000 ETH withdrawn, contributing significantly to the broader exchange outflows. Since January, Binance users have removed more than 800,000 ETH, showing a persistent trend of capital flight from trading platforms into cold storage.
The most striking event occurred on May 12, when CryptoQuant reported the largest single-day whale accumulation in Ethereum’s history, with roughly 325,000 ETH absorbed by whale wallets. This kind of activity typically signals long-term confidence, as whales move funds off exchanges into secure wallets, tightening market liquidity and applying upward pressure on price.
Adding to the bullish momentum, Ethereum’s price has surged over 50% in May, with technical indicators like the golden cross pointing toward a potential move beyond the $3,000 mark. Analysts believe that this convergence of bullish on-chain data, technical patterns, and reduced circulating supply could drive Ethereum even higher in the coming weeks.
As the post-Pectra era unfolds, Ethereum appears to be entering a new phase — one marked by institutional confidence, strategic accumulation, and shrinking exchange reserves. All eyes are now on whether the market will sustain this momentum and confirm a longer-term breakout.
