Overview

• ETH trades near $4,290 in a compressed band, with traders eyeing a break above $4,500 or a potential retest near $3,900.
• CryptoQuant data show Binance’s Ethereum Exchange Supply Ratio fell from 0.041 to 0.037 between August 16 and September 3, pointing to accelerated withdrawals.
• Fresh figures indicate heavy outflows from major venues, including about 700,000 ETH from Binance and 900,000 ETH from Coinbase between August 23 and September 5, totaling roughly 2.6 million ETH across exchanges over about two months.
• Institutional appetite remains firm, with more than $450 million added to spot ETH ETFs led by BlackRock, reinforcing demand during the consolidation.
• On-chain and market metrics highlight roughly 36 million ETH staked, neutral funding and lower leverage, with reduced whale selling easing immediate speculative pressure.