According to TRM Labs, hackers drained around 200,630 $ETH from Binance’s hot wallet.
Instead of dropping right away, $ETH balances on top exchange addresses actually grew by around 39,000 $ETH on October 29. The bigger drop came later. Those addresses lost roughly 313,000 $ETH on November 1 and November 2, after withdrawals were reopened.
Major exchange addresses lost around 297,000 $ETH, or 5.4%, between October 28 and November 2, suggesting a substantial liquidity thinning.
Accumulation isn’t guaranteed
Falling exchange balances aren’t necessarily suggesting an accumulation. The coins may have gone into cold storage, moved between wallets, or sent to other exchanges. Exchange-address data alone can’t show where they’ve been sent.
As of now, Ethereum’s price stays bearish. On the daily $ETH/USD chart, $ETH is trading near $2,264, below several key moving averages. The price has pulled back from its October highs around $2,800.
Selling pressure can be clearly seen on the chart, and the $2,300-$2,400 range could act as resistance. A proper recovery above the level would suggest an improvement in sentiment. But if buyers fail to defend the $2,200 area, Ethereum could drop even further.
For now, the current supply drop is more of a liquidity shift, rather than a confirmed supply shock, especially on gigantic exchanges like Binance.
The more important question is whether the missing $ETH has actually left trading circulation or just moved elsewhere. Until market flows calm down a little, it’s too early to call the exchange supply drop a bullish signal.
