Binance now holds over 4% of the total circulating ETH supply, the highest level since May 2023, sparking concerns about potential selling pressure or strategic accumulation.
Analysts are divided on whether the surge in Ethereum reserves on Binance indicates upcoming selling pressure or whales preparing for a market rally.
Despite the increase in exchange supply, Ethereum's market strength remains resilient, with high transaction volumes and continued price stability around $2,516.67.
The situation on Binance triggers speculation about potential market movements, with some suggesting a pattern of price drop followed by a sharp spike, while others see long-term holders accumulating with confidence in Ethereum's future.