Ethereum CEX balance plummets: Over 31 million outflows in February, Binance balance hits lowest level since 2020

By: rootdata|2026/03/04 13:43:35
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According to CryptoQuant data, over 31,000,000 ETH has flowed out of centralized exchanges, marking the largest monthly outflow since last year. Among them, Binance saw an outflow of about 14,450,000 ETH, accounting for nearly half of the total outflow; OKX had an outflow of about 3,830,000 ETH; and Kraken saw an outflow of about 1,040,000 ETH.

The continuous outflow has reduced the liquidity available for spot trading. After tokens are transferred to private wallets or staking platforms, short-term liquidity decreases. When market activity picks up, the shrinking exchange balances may exacerbate price volatility.

Crypto analyst Arab Chain stated that although the ETH price is still hovering around $2,000, derivatives data shows a divergence between small buyers and large sellers. The market is focused on how the price will react once retail investors and whales align in their buying and selling directions.

CryptoQuant data also shows that Ethereum reserves on the Binance platform have dropped to about 3,460,000 ETH, the lowest level since 2020. In the previous cycle, reserves peaked above 5,000,000 ETH before entering a gradual decline.

Hyblock data indicates a divergence between different trading scales. The cumulative trading volume Delta for small orders ($0--10,000) is close to $95,000,000, showing sustained buying by retail investors; while the CVD for the $10,000--100,000 range is about -$162,000,000, and for orders above $100,000, it is close to -$357,000,000, indicating that larger participants tend to net sell during the same period.

The buy-sell ratio recently turned slightly positive, rising to 0.2 before falling back to 0.03, indicating a slight increase in buying pressure but an overall lack of broad consensus.

Open interest has decreased from nearly $10,000,000,000 at the end of February to about $9,410,000,000, with leverage being reduced. Analysts believe that if retail investors continue to accumulate while large sellers slow down, the forces of bulls and bears may tend to align.

At that time, against the backdrop of a contraction in supply on trading platforms, if ETH stabilizes above $2,000--$2,150, it may amplify upward price momentum.

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WEEX P2P update: Country/region restrictions for ad posting

To improve ad security and matching accuracy, WEEX P2P now allows advertisers to restrict who can trade with their ads based on country or region. Advertisers can select preferred counterparty locations for a safer, smoother trading experience.

 

I. Overview

When publishing P2P ads, advertisers can now set the following:

Allow only counterparties from selected countries or regions to trade with your ads.

With this feature, you can:

Target specific user groups more precisely.Reduce cross-region trading risks.Improve order matching quality.

 

II. Applicable scenarios

The following are some common scenarios:

Restrict payment methods: Limit orders to users in your country using supported local banks or wallets.Risk control: Avoid trading with users from high-risk regions.Operational strategy: Tailor ads to specific markets.

 

III. How to get started

On the ad posting page, find "Trading requirements":

Select "Trade with users from selected countries or regions only".Then select the countries or regions to add to the allowlist.Use the search box to quickly find a country or region.Once your settings are complete, submit the ad to apply the restrictions.

 

When an advertiser enables the "Country/Region Restriction" feature, users who do not meet the criteria will be blocked when placing an order and will see the following prompt:

If you encounter this issue when placing an order as a regular user, try the following solutions.

Choose another ad: Select ads that do not restrict your country/region, or ads that allow users from your location.Show local ads only: Prioritize ads available in the same country as your identity verification.

 

IV. Benefits

Compared with ads without country/region restrictions, this feature provides the following improvements.

Aspect

Improvement

Trading security

Reduces abnormal orders and fraud risk

Conversion efficiency

Matches ads with more relevant users

Order completion rate

Reduces failures caused by incompatible payment methods

V. FAQ

Q1: Why are some users not able to place orders on my ad?
A1: Their country or region may not be included in your allowlist.

 

Q2: Can I select multiple countries or regions when setting the restriction?
A2: Yes, multiple selections are supported.

 

Q3: Can I edit my published ads?
A3: Yes. You can edit your ad in the "My Ads" list. Changes will take effect immediately after saving.

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