100,000 Ethereum (ETH) Addresses Converge on Binance...Will Panic Selling Erupt?

▲ Ethereum (ETH)

As Ethereum (Ethereum, ETH) became engulfed in $1,500 fear, approximately 100,000 addresses flocked to Binance. However,

simultaneously, withdrawals surged, dividing investors into two camps: 'panic selling' and 'buying the dip.'

According to the crypto-specialized media BeInCrypto on July 9 (local time), CryptoQuant analyst Darkfost diagnosed the cryptocurrency market as being in a "complete loss of direction phase." He stated, "The conflict between the US and Iran can swing between war and peace in a week, and coupled with the threat of the Federal Reserve's interest rate hike in 2026, risk assets like ETH are in a particularly vulnerable position."

As Ethereum pushed towards $1,500, Binance's deposit activity soared to one of its highest levels in the past three years. At the peak of the selling pressure, approximately 100,000 unique addresses sent Ethereum to the exchange. Darkfost pointed out that investors are showing fear-driven movements even with small price fluctuations.

Conversely, Binance withdrawals also increased alongside deposits. Darkfost stated, "Some investors are succumbing to fear and selling, while others see it as an opportunity to increase their ETH holdings." With both selling and buying simultaneously driven by the same price drop, investor judgments diverged sharply.

The confusion was also evident on Polymarket. Investors reflected a 75% probability of Ethereum reaching $2,000 by 2026 and a 68% probability of it falling to $1,500. The $1,500 possibility recently jumped by 23 percentage points, while the $1,250 target probability dropped by 25 percentage points. Trading volume for $1,500 bets was approximately $1.33 million, and for $1,000, it was approximately $1.26 million, significantly exceeding the several thousand dollar trading volumes for targets above $2,000.

Ethereum failed to recover above the $2,000 mark after falling below it in early June and revisited the $1,500 vicinity twice last month. The lows at the time were approximately $1,505.9 on June 6 and $1,510 on June 26. BeInCrypto reported that with large-scale trading on Polymarket concentrated in the downturn, buyers are in a situation where they must defend the $1,500 level.

[Article Key Summary]

-As Ethereum dropped towards $1,500, approximately 100,000 unique addresses deposited Ethereum to Binance.

-Binance withdrawals also increased simultaneously, with some investors selling and others engaging in buying the dip.

-Polymarket reflected a 75% probability of Ethereum reaching $2,000 and a 68% probability of it falling to $1,500.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*