On-chain data points to a possible accumulation phase for Ethereum (ETH), with a long-term Binance netflow metric sinking to levels last seen in May 2024.

Ether Outflows From Binance

CryptoOnchain, an analyst posting on the CryptoQuant platform, said large volumes of ETH are leaving Binance, the largest exchange by trading volume. The finding draws on the 365-day simple moving average of Ethereum Exchange Netflow on the platform.

That reading has been falling steadily and recently hit its lowest point since May 2024. Analysts usually treat the trend as bullish, since it points to holders shifting coins into self-custodial wallets.

Past drops to extreme lows in the same metric preceded upward reversals, often aligning with the start of major Ethereum rallies.

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CryptoOnchain Accumulation Call

CryptoOnchain said the repeating pattern suggests Ethereum is in an accumulation phase right now. The analyst wrote that extreme lows on a long-term moving average typically mean investors are pulling assets off exchanges for long-term holding, which sharply cuts immediate sell pressure.

If history repeats, the current bottom could set the structural base for the next macro uptrend, the analyst added. Traders were told to watch for a decisive upward pivot in the metric to confirm a fresh bullish cycle.

Ethereum traded near $2,353 at the time of writing, down more than 3% on the day after the Strait of Hormuz closure rattled markets, though the token still held a 2% gain over the past seven weeks.

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