Ethereum Withdrawals From Exchanges Hit Their Highest Level Since November

Recent data, shared by CryptoQuant, shows approximately 31.6 million ETH was withdrawn from exchanges in February 2026, the highest 30-day outflow reading since November 2025, with Binance accounting for nearly half of total withdrawals at 14.45 million ETH.

The Numbers

Total withdrawals: 31.6 million ETH over 30 days. Binance: 14.45 million ETH, approximately 45.7% of the total. OKX: 3.83 million ETH. Kraken: 1.04 million ETH.

The CryptoQuant chart peaks at roughly 60 million ETH during the 2021 bull cycle. The 2022 to 2024 baseline ran 10 to 20 million. The current 31.6 million sits well above that baseline, matching the November 2025 level when ETH was trading above $3,000. February’s matching outflow level happened with ETH near $2,090.

What Outflows Mean

ETH leaving exchanges goes into self-custody cold storage or on-chain deployment. Both reduce available sell pressure. ETH that has left an exchange cannot be sold without moving it back first. High outflows at depressed prices represent supply contraction at the exact level where a recovery would have the most impact.

Whether February’s outflows represent conviction accumulation or routine DeFi deployment the 30-day metric alone cannot say. The destination data would clarify it.

The Timing

Bitcoin fell from ~$97,000 to ~$60,000 in February. ETH fell from above $2,800 to under $2,000. Exchange withdrawals accelerated through that decline, not slowed.

Holders withdrawing during price weakness is accumulation behavior. The reverse, ETH flowing onto exchanges during declines, is capitulation behavior. February shows the accumulation pattern.

The CoinShares weekly ETF data covered earlier in the week showed Ethereum’s strongest inflow week since mid-January at $116.9 million. Two different datasets pointing the same direction at the same time.

Binance’s Dominant Role

Binance at 45.7% of total outflows reflects both its market share and its international user base. The Coinbase Premium Index turning positive for the first time since January, covered earlier, adds the US side of the same picture. Binance outflows accelerating while Coinbase premium turns green suggests the withdrawal activity spans geographies and user types simultaneously.

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