Ethereum is rapidly exiting exchanges, as Binance’s holdings reach a multi-month low. This indicates a strong bullish sentiment as users increasingly opt for self-custody solutions. Simultaneously, Bhutan is capturing attention by establishing its national digital ID system on Ethereum, fueling increasing speculation around a $10K price target. Ethereum sees significant outflows from Binance as the self-custody movement gains momentum.
Ethereum supply on Binance has plummeted to 0.33, marking a multi-month low, as a growing number of investors transition their ETH into self-custody. This suggests a level of confidence, as coins that have been moved off exchanges are generally less prone to being sold. Typically, a low exchange supply, particularly on prominent platforms such as Binance, has preceded significant upward movements, as diminished selling pressure aligns with demand. As Ethereum hovers around the $4,000 mark, the current trend of withdrawals indicates that a significant number of investors are positioning themselves for the long haul.
This could also be interpreted as a signal of institutional maturity, as an increasing number of major players are choosing decentralized storage and staking solutions. In a significant development, an entire country has expressed a strong vote of confidence in Ethereum. Bhutan is officially transitioning its National Digital Identity system from Polygon to Ethereum, marking a historic moment as the first nation to establish its digital ID infrastructure on the network. The initiative aims to foster long-term innovation, with officials describing it as a significant stride towards a more open and transparent digital future.
In the latest developments, ETH has successfully transformed multi-year resistance into fresh support on the charts. Recent rejections at critical levels are demonstrating resilience, and should the ongoing breakout trend persist, analysts are setting their sights on $10,000 as the next significant milestone. The conditions for a significant breakout appear to be more robust than ever, and it seems the rally might already be in motion.