Overview

• Exchange-held ETH has fallen about 20% in under four months to roughly 17.1 million coins, with Binance holding over 4.5 million, according to CryptoQuant.
• On-chain reporting indicates an average of around 56,000 ETH withdrawn daily over the past 30 days, with occasional single-day outflows above 400,000.
• Derivatives data show open interest rising since September 2 and aggregated funding near +0.0101, pointing to a bullish long bias.
• ETH trades around $4,650–$4,700 after roughly 10% weekly gains, with price action cooling into lower-volume sessions.
• Analysts caution that liquidity remains thin and leveraged longs face elevated liquidation risk, as a wallet tied to a Coinbase fraud bought 3,976 ETH for $18.9 million.