Over the past two months, around 20.8 million ETH has been withdrawn from centralized exchanges, reminiscent of the activity during the 2021 bull market.

Interestingly, over 7.8 million ETH was withdrawn from Binance alone, accounting for around 33-39% of all Ethereum withdrawals. This underscores Binance’s dominant role in the market.

Such large withdrawals are often seen as a positive signal, indicating investors are accumulating for staking or long-term storage.

With 250 million users and growing deposits of $21.6 billion this year, Binance is solidifying its position as the leading exchange for both retail and institutional users.