Ether has risen from about $1,510 to $2,650 over the past three months, a gain of more than 75%, while breaking its April high. The move has outpaced Bitcoin, which has not yet firmly reclaimed its May high. CryptoQuant analyst Darkfost identified accumulation on Binance as a key factor, with the monthly average number of ETH withdrawal transactions exceeding 90,000, the highest level since 2023 and roughly double the level at the start of this year. Investors commonly withdraw purchased ETH from exchanges into private custody for longer-term holding, a pattern consistent with an accumulation strategy.