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TL;DR
- Nearly 20,000 Ethereum worth $40 million have been withdrawn from major exchanges, signaling strong conviction among top traders.
- Exchange reserves continue to shrink, tightening liquidity and favoring long-term holding strategies.
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Binance data shows over 75% of top traders hold long positions, while funding rates indicate leveraged demand remains elevated, reflecting deliberate positioning rather than short-term speculation.
Approximately 19,820 Ethereum valued at $40.14 million were withdrawn from Binance and OKX by a major whale, adding to an earlier purchase of 60,784 $ETH worth $126 million. These movements suggest strategic capital deployment rather than opportunistic trading, emphasizing structured exposure. At the same time, another large trader deposited $1 million USDC into Hyperliquid to open a 20x leveraged Ethereum long, targeting $ETH specifically despite holding positions in other assets like SOL. These coordinated actions demonstrate methodical market participation and confidence in Ethereum’s medium-term prospects.
Whale 0x28eF, who previously bought 60,784 $ETH($126M), is buying more $ETH!
In the past 20 hours, he has withdrawn 19,820 $ETH($40.14M) from #Binance and #OKX.https://t.co/GTQx556UF7https://t.co/FQe95DLQZphttps://t.co/uKIsgndaAC pic.twitter.com/IcKNWeoVzF
— Lookonchain (@lookonchain) February 16, 2026
Exchange Reserves Continue Steady Contraction
Ethereum’s exchange reserves now stand at $31.843 billion after a 6.47% decline, reflecting a measurable reduction in immediately tradable supply. Withdrawals by whales reduce short-term liquidity and encourage long-term holding as assets move into cold storage or secure custody. This contraction aligns with recent withdrawals, signaling that large investors are consolidating rather than reacting to short-term price swings. Sustained reserve declines often correspond with deliberate accumulation and reinforce structured Ethereum positioning. Analysts note that lower reserves may increase volatility but strengthen long-term fundamentals.
Binance Top Traders Maintain Dominant Long Bias
Data from Binance indicates that 76.91% of top trader accounts hold long Ethereum positions, compared with 23.09% short, producing a Long/Short Ratio of 3.33. Funding rates currently read 0.007286, reflecting a 20.96% increase, confirming that leveraged demand exceeds short-side pressure. These metrics show that advanced traders are expanding exposure while absorbing funding costs, reinforcing structured positioning. Coordinated spot withdrawals and elevated leveraged activity suggest that Ethereum-focused strategies are deliberate and methodical. Experts also note that institutional interest is likely supporting these trends.
The Convergence of Spot Withdrawals and Leveraged Activity
The combination of significant spot withdrawals, declining exchange reserves, long-dominated positioning, and rising funding rates highlights intentional Ethereum capital strategies. Whales continue removing assets from centralized exchanges, while sophisticated traders increase exposure through leverage. Together, these patterns indicate a deliberate reinforcement of Ethereum conviction, showing that major market participants are aligning long-term strategies instead of reacting to short-term volatility.
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