Ethereum reserves on Binance have dropped to approximately 2.9 million ETH, their lowest level in almost five years, while ETH fell below $1,850 in a marketwide selloff. US spot Ethereum ETFs also posted outflows, and analysts are watching oversold conditions for signs of a recovery.
Binance's estimated Ethereum reserves fell to approximately 2.9 million ETH, according to CryptoQuant analyst Darkfost's November 15 report. Binance held more than 5 million ETH in July 2025, when Ethereum was approaching $5,000, and the balance has since declined nearly 42%.
Meanwhile, Ethereum traded near $1,830, down roughly 4% in 24 hours, and touched $1,713.65 during the session. It was down approximately 19.5% over seven days.
Withdrawals outpace deposits on Binance
Darkfost said Binance's 30-day average of Ethereum netflows had remained negative for much of the period, meaning withdrawals generally exceeded deposits. He suggested that holders could be moving ETH into private wallets or decentralized finance applications as prices fell, and that others might use ETH in staking strategies outside centralized exchanges.
However, Darkfost cautioned that withdrawals do not prove fresh purchases. Binance's most recent proof-of-reserves snapshot also showed customer ETH balances rising to 3,482,001 ETH on November 12, from 3,446,090 on November 4.
ETF outflows continue
Withdrawals from investment funds have continued while Ethereum has struggled to hold above $2,000. Farside Investors recorded approximately $398.9 million in net outflows from US spot Ethereum ETFs between November 9 and 13.
The biggest daily withdrawal was $184.6 million on Monday, followed by $144.8 million on Wednesday and $70.5 million on Thursday. Friday produced a $2.3 million inflow.
Selling has also reached wallets linked to the Ethereum Foundation. Onchain Lens reported that an address it tracks as associated with the Foundation sold 7,500 ETH over four days, receiving around 14.52 million USDS.
Analysts look for a bottom
Large holders have not all been selling. A wallet tracked by Lookonchain withdrew 34,601 ETH from Binance on November 9 after more than two years without activity.
Trader Joep Gerla pointed to what he described as Ethereum's third oversold signal this year. He compared it with February and June, when he said similar conditions preceded moves toward $2,400 and $2,800.
Ethereum's recent session low near $1,714 remains below the 1,790–1,814 area traders have watched as support. The next resistance zone sits between $1,838 and $1,868.
Source: crypto.news
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