The outflow of ether (ETH) from Binance, the world’s largest cryptocurrency exchange, has remained strong since the beginning of May. As of May 13, 2026, 3,247,232 ETH have left the platform during the current month, representing a movement of more than $7,322 million, according to data from data firm CryptoQuant.
This exodus from Ethereum’s native cryptocurrency reached its highest point on May 10, when recorded a jump in daily outputs that exceeded 500,000 ETH (a figure that has not been seen since March 2026), as can be seen in the graph.
A movement of such magnitude is not usually the work of retail users, but rather responds to the activity of whales (investors with more than 1,000 ETH) and institutional investors.
What is striking is that this exit from ETH has coincided with a calm phase, in which the price of ether has stabilized near $2,300. According to the analysis firm Arab Chain, this suggests that Big capital is “taking advantage of the [baja] current volatility to accumulate ETH outside of exchanges”, safeguarding their assets in self-custody wallets.
When assets leave an exchange and go into personal custody, availability in the spot market is reduced. This emptying of reserves on Binance “could alleviate selling pressure in the medium term,” since there are fewer assets ready to be sold in the event of any sudden dropexplains the company.
For the firm, the data is a reflection of “growing investor confidence in ETH despite recent volatility.” Furthermore, they point out that these transactions “indicate a continuous movement of liquidity on a large scale,” which marks a shift in market psychology: Users prefer strategic retention and accumulation rather than the pursuit of short-term profits.
Thomas Lee, president of Bitmine—a company that holds the largest reserve of ETH in the world—interprets the current state of the market as an environment of good financial health. The executive believes that “the spring of cryptocurrencies has begun” and emphasizes the importance of owning ETH as a fundamental pillar for diversification of investment portfolios, as reported by CriptoNoticias.
Lee forecasts a clear price to define the immediate future of the trend. “If ETH closes above $2,100 at the end of May 2026, it would be the third consecutive month of gains, something never seen in a cryptocurrency bear market,” he detailed. From their perspective, a monthly close above that strip would validate the hypothesis that the market has left its contraction phase behind.