In February 2026, approximately 31,6 million Ethereum were withdrawn from exchanges, the highest 30-day outflow since November 2025. Nearly half of all funds were withdrawn from Binance — 14,45 million ETH or about 45,7% of the total volume. OK Investors withdrew 3,83 million ETH, Kraken —1,04 million ETH.
According to CryptoQuantDuring the 2021 bull cycle, approximately 60 million Ethereums were withdrawn from exchanges. Between 2022 and 2024, this figure fluctuated between 10 and 20 million. The current figure of 31,6 million altcoins is significantly higher than this level and corresponds to the figures of November 2025, when ETH was trading above $3,000. In February 2026, when Altcoyin was worth around $2,090, and there was a similar outflow.
Withdrawing funds during price declines is a behavior characteristic of accumulation. The opposite process, when ETH flows into exchanges during a decline, is a behavior characteristic of capitulation. February demonstrates an accumulation pattern.
ETH leaving exchanges ends up in self-custody cold storage or on the decentralized network. Both options reduce selling pressure.