ethereum:native ETFs had about $140M of outflows last week.
Ethereum still printed a weekly higher high. Bitcoin hasn't yet.
So who's been buying?
Binance's monthly average of ETH withdrawal transactions just passed 90,000. Highest since 2023, and double where it started the year.
Withdrawals are coins leaving the exchange for private wallets. People don't pull coins off an exchange to sell them next week.
ethereum:native went from about $1,510 three months ago to over $2,800 today and cleared April's high. That breaks the downtrend on the weekly.
Institutions were net sellers into that move. Regular holders took the other side and took custody.
Counter-case: withdrawal counts can get inflated by a few large wallets or exchange reshuffling, and ETF flows can flip back fast. I want to see this hold through the first real pullback.
Right now the strongest bid in ethereum:native belongs to people taking the coins home.