Binance sees net outflow of over 3 million ETH in May

More than 3 million ETH have been withdrawn from Binance since the beginning of May, with daily outflows at times exceeding 500,000 ETH. In a contribution to CryptoQuant, crypto analyst Arab Chain explained that the market is taking note of this movement, as it coincides with the price of ETH stabilizing around $2,300. This has led to analysis suggesting that large-scale investors and institutions may be moving ETH off exchanges for long-term holding and accumulation. Typically, a decrease in ETH reserves on exchanges can reduce the available supply on the spot market, which is interpreted as a factor that eases medium- to long-term selling pressure.