Ethereum (ETH) recorded a 3.2% price increase in the past 24 hours, reaching $2,715 on February 11.
The price movement coincided with a surge in large-scale withdrawals from centralized exchanges, signaling a shift in market activity. Capital inflows into Ethereum’s market and declining exchange balances suggest a potential reduction in sell pressure.
Massive Ethereum Tokens Leaving Exchanges
Several whale addresses withdrew substantial amounts of ETH from exchanges, according to the blockchain analytics platform Lookonchain. On-chain data showed that a wallet starting with 0xb99a removed 56,909 ETH, valued at approximately $151.6 million, from Binance today.
Another address, beginning with 0xEd0C, withdrew 64,603 ETH, worth around $171.8 million, from Binance and Bitfinex. These large transfers suggest an increased preference for self-custody among major holders.
Santiment data further highlighted the scale of these movements. Between February 8 and 9, approximately 224,410 ETH moved out of exchanges, marking the highest single-day net outflow in nearly two years.
The last comparable outflow occurred on March 10, 2023. Typically, a lower exchange balance often correlates with reduced immediate sell pressure.
😯 There was a historic milestone of ~224,410 ETH moving away from exchanges in the 24 hours between February 8th and 9th. This was the most amount of net coins moving off of known exchange wallets in a single day in 23 months.
Though more of a long-term metric, this is a… pic.twitter.com/G2e2AausPh
— Santiment (@santimentfeed) February 11, 2025
Exchange Balances Hit Multi-Year Lows
Following the latest withdrawals, available Ethereum tokens on exchanges have dropped significantly. As of February 11, approximately 9.63 million ETH remains in known exchange wallets. This marks the lowest recorded exchange ETH balance since August 29, 2024.
Lower available supply on exchanges typically impacts market liquidity and may influence price trends.
Santiment reported that declining exchange balances indicate reduced short-term selling pressure. When large amounts of ETH leave exchange wallets, it often reflects investor confidence in long-term holding.
Meanwhile, Santiment cautioned that Ethereum’s performance in 2025 will still largely be dictated by Bitcoin’s ability to stay afloat and rebound to ATH levels.
Further Analysis of Ethereum Exchange Balances
Blockchain analytics platform IntoTheBlock confirmed notable fluctuations in Ethereum’s exchange inflows over different timeframes.
In the past 24 hours, inflows decreased by 8.70%, suggesting a minor reduction in immediate sell pressure. Over the past seven days, exchange inflows dropped by 73.88%, indicating a slowdown in selling activity and reduced volatility.
Despite the recent decline, the 30-day inflow data showed a 183% increase in ETH deposits onto exchanges. While short-term exchange activity reflects reduced selling pressure, long-term trends still show significant movement of ETH into exchange wallets.
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