On 10 May, Binance absorbed 225K of the 250K ETH that hit all exchanges, 90% of the total. What happens to ETH increasingly is what happens on Binance.

The more telling story is the divergence that has opened since.

Binance has flipped to a net-outflow posture (currently –12K ETH), while the All-Exchanges print remains marginally positive (+20K ETH). The venue that did the heavy lifting on the way down is now bleeding coins back out, while the rest of the market still shows mild deposit pressure.

The key takeaway is that ETH’s recent drawdown was not supported by a broad, uniform exchange inflow structure. It was led by a very specific concentration of flows on Binance. That matters because Binance is one of the deepest liquidity venues for ETH. When inflows concentrate there, the market may be preparing for execution, hedging, forced repositioning, or active distribution.

Written by MorenoDV_