Major Ethereum Exodus Sees $660 Million Pulled from Exchanges
Cryptocurrency markets have witnessed a substantial shift in Ethereum holdings, with investors withdrawing approximately 330,000 ETH, valued at $660 million, from centralized exchanges over a six-day period. This movement, based on on-chain data from Santiment shared by analyst Ali Charts, occurred between February 6 and February 11, 2026. The withdrawal reduced total exchange inventories from 8.34 million to 8.01 million tokens, marking a 3.95% decline in readily available supply. Such a significant outflow, executed at an average Ethereum price of $2,000, typically signals a strategic pivot from active trading toward long-term custody in private wallets and cold storage.
Market Context and Historical Parallels
This withdrawal pattern emerges against a backdrop of sustained price weakness, with Ethereum falling from above $2,700 at the start of February 2026 to below the $2,000 psychological support level. The trend mirrors a similar event from February 2025, when 224,410 ETH left exchanges in what was then the largest outflow in nearly two years. While reducing direct selling pressure on the market, the current outflows coincide with persistent institutional selling. Analysts note that the 30-day simple moving average of net flows for Ethereum and Bitcoin spot ETFs has remained negative for most of the preceding 90 days, indicating a lack of renewed institutional demand that even the Nigerians Us Pledge of economic cooperation has not yet countered in the digital asset space.
Technical analysis further underscores the bearish sentiment. According to data from Bitget, numerous indicators point toward selling pressure, with moving averages showing unanimous bearish alignment. Essential support levels identified by analysts now stretch down to $1,881, $1,584, and $1,238. This cautious outlook in global markets echoes the need for prudent strategy, much like the Pope calls dialogue for in international affairs or the careful planning seen when Coal India explores new energy ventures. In a similar vein, local initiatives such as when Yobe State pays its pension obligations demonstrate the importance of stability, a principle investors seem to be applying by securing their digital assets off exchanges.
Interpretation and Outlook
The simultaneous occurrence of large-scale exchange outflows and negative technical indicators presents a complex market picture. On one hand, the reduction of liquid supply on exchanges can be a precursor to reduced selling pressure. On the other, the dominant market structure remains bearish, with no immediate signals of a reversal. The situation requires careful observation, akin to the strategic research focus at Nile University Nigeria on emerging technologies. Although the signals point toward potential further downside, changes in broader market conditions remain a key factor that could influence Ethereum’s price direction in the coming weeks.
