Ethereum Exchange Net Outflows Hit Six-Month High, Market Shows Signs of Accumulation

According to the latest data from CryptoQuant, in February 2026, Ethereum (ETH) net outflows from major exchanges totaled 31.6 million, the highest level since November 2025. Binance contributed approximately 14.45 million ETH, accounting for 45.7% of the total outflow; OKX saw outflows of 3.83 million ETH, Kraken 1.04 million ETH, with the remaining exchanges accounting for the rest. Historical comparisons show that during the 2021 bull market peak, single-month exchange outflows peaked at 60 million ETH. From 2022 to 2024, the average monthly outflow remained stable between 10 million and 20 million ETH. The current outflow of 31.6 million ETH is not only significantly higher than the average of the past two years but also comparable to the level when the ETH price broke through $3,000 in November 2025. Notably, this high outflow occurred at a stage low point when the ETH price was around $2,090, indicating significant asset migration even during a period of price weakness.

ETH transfers from exchanges typically mean that holders are transferring them to personal cold wallets or deploying them to on-chain protocols such as DeFi News platforms and staking services. Such operations directly reduce the available supply on the market because once assets leave the exchange, they must be transferred back in order to be sold. A large net outflow during a price downturn is often seen as a signal of rational holders buying the dip, rather than panic selling. Compared to Bitcoin's movement from around $97,000 to $60,000 during the same period, ETH also fell from above $2,800 to below $2,000, but exchange outflows did not decrease accordingly, instead continuing to climb. This "contrarian exodus" behavior contrasts sharply with the typical "panic inflow to exchanges," further supporting the judgment that the market is accumulating long-term positions. In addition, CoinShares' ETF fund flow data released this week showed that Ethereum-related ETFs recorded a net inflow of $116.9 million, the strongest week since mid-January. This data cross-validates the net outflow trend from exchanges, both pointing to the conclusion that both institutional and individual investors are simultaneously increasing their ETH holdings through different channels. Binance, as the world's largest exchange, its dominant outflow proportion not only reflects its large user base but also suggests the active participation of international user groups in this round of correction. At the same time, the Coinbase Premium Index turned positive for the first time this month, indicating that the US domestic market is also experiencing ETH premium demand. This multinational, multi-entity simultaneous increase in holdings further reinforces the signal that current market sentiment is leaning towards fundamental support.