A new wallet has withdrawn a large amount of ETH from the exchange, suspected to be a medium to long-term accumulation or a reconstruction of on-chain strategy.

About 3,000 ETH (approximately $112 million) was withdrawn from Binance to a new address 30 minutes ago. Combining this with the recent 'batch withdrawal - dispersed storage' pattern seen in similar addresses, it looks more like institutional-level risk control is managing duration and counterparty switching.

My view: Withdrawing spot reduces short-term market liquidity, but supports the price.

This wave corresponds with the inflow and outflow on the institutional custody side, indicating that the spot is in the 'hands of the strong'.

Along with Ethereum ETF accumulation and the passive hedging demand from futures shorts, the short squeeze chain hasn’t broken. Watch for selling volatility opportunities after the implied volatility of options rises.