31.6 Million ETH Leaves Exchanges as Vitalik Calls for Sanctuary Tech

Ethereum has traded sideways around $2,000 since the start of the year, a pattern that has strengthened accumulation sentiment and driven investors to move assets off exchanges. Withdrawals from exchanges reached about 31.6 million ETH in February, the highest level since November; Binance led outflows with roughly 14.45 million ETH, while OKX and Kraken saw about 3.83 million and 1.04 million ETH leave, respectively.

On March 2, BitMine purchased 50,992.8 ETH, raising its holdings to 3.71% of Ethereum’s total supply, and the wallet gammafund.eth withdrew 9,000 ETH from Binance. Exchange reserves fell to a record low on March 2, with balances down from 16.8 million ETH at the start of the year to 15.9 million ETH.

The withdrawal wave has continued into early March as investors shift coins into private wallets, signaling expectations of medium- to long-term price gains.

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