Analyst: Binance Ethereum reserves hit a 6-month low, with daily withdrawal transactions reaching an all-time high

CryptoQuant analyst Darkfost stated that the cryptocurrency market has recently entered a short-term correction phase, with the total market capitalization of altcoins (Total2) shrinking by over $11 billion in just three days, excluding Bitcoin; among them, Ethereum (ETH) saw a decline of 11%, with a market cap reduction of over $38 billion.

Despite the price correction, investors continue to accumulate and withdraw Ethereum. During this period, the Ethereum reserves on the Binance exchange decreased from 3.57 million to 3.47 million, reaching the lowest level in six months; compared to the reserve of 3.92 million in August, this represents a decline of nearly 11.5%. Meanwhile, the withdrawal trading activity on the Binance platform has significantly increased, with over 320,000 Ethereum withdrawal transactions recorded on October 6, setting a new historical high.