Ethereum has recorded its highest level of Binance withdrawal transactions in more than three years as the token rebounded from recent lows, suggesting renewed investor demand despite several possible drivers behind the outflows, according to CryptoQuant analyst Darkfost.

ETH remains down around 67% from its August 2025 high, a steeper decline than Bitcoin over the same period, but has rebounded roughly 10% in the past two days. During that period, Binance processed more than 166,000 ETH withdrawal transactions, marking the highest daily total since March 2023.

The surge in withdrawals may indicate investors are accumulating ETH around the $1,500 level by moving assets off exchanges into self-custody, according to the analyst.

Some of the outflows may also reflect funds being transferred into decentralized finance (DeFi) protocols in search of yield or withdrawals prompted by confusion over the European Union’s MiCA rules, although withdrawals were never restricted.

Despite the mixed drivers, the scale of the outflow suggests a large portion may represent genuine accumulation.

The second-largest crypto asset changed hands at $1,741 at press time, up nearly 6% in the last 24 hours.