Rising Binance ETH balances and nearly 100,000 deposit addresses point to potential selling pressure, even as higher withdrawals and Polymarket pricing show traders split between recovery and further downside.
Binance's Ethereum reserves have risen 6% since late June, a move watched by traders because growing exchange balances can signal more ETH is available for sale. The caution intensified during a recent slide toward the $1,500 area, when nearly 100,000 unique deposit addresses sent ETH to Binance in one of the strongest exchange-deposit spikes of the past three years, typically a sign of rising spot-market sell pressure. At the same time, withdrawals also increased, suggesting some participants were buying the weakness. ETH was cited near $1,800 in the earlier report and near $1,730 in the newer one, with the newer report saying it was down about 1.57% on the day but up roughly 7% on the week. Analyst Darkfost called the market a "phase of total indecision," linking the fragility in ETH and other risk assets to US-Iran tensions and the threat of a Fed rate hike in 2026. On Polymarket, traders priced both a rebound to $2,000 in 2026 and a retest of $1,500 as likely outcomes.