A wallet possibly linked to #Matrixport withdrew 30.734 $ETH ($78 million) from #Binance and #OKX in the last 24 hours

🧠 What does it mean?

1. 🐳 Institutional accumulation

This type of withdrawal indicates that this entity (probably Matrixport) is taking ETH out of centralized exchanges to:

Store it in cold custody (intention to hold)

Use it as collateral in DeFi

Participate in staking or institutional products

This reduces the amount of #ETH available for immediate sale.

2. 📉 Less selling pressure

When large amounts are withdrawn from an exchange like Binance, it signals that there is no intention to sell in the short term, since if they wanted to sell, they would leave it on the exchange.

Outcome:

Low liquid supply

If there is demand, the price tends to rise faster

3. 🔄 Matches bullish context

This withdrawal coincides with:

High open interest → strong activity in derivatives

Low ETH balances on exchanges (5-year lows)

Institutional rotation between ETFs (#ETHA to #FETH )

Price rising +5.87 %

All of this reinforces the reading that we are in a strategic institutional accumulation.

🟢 Conclusion

✅ This movement is highly bullish for ETH if there is no significant counterflow.

Moreover, if today (03/jul) the ETFs show positive net inflows (especially FETH), and the derivatives volume remains high → high probability of bullish continuation.