ETH Movements Reached Highest Levels Since Last August

On-chain data shows ETH transfers rising to 2.75M as owners rush to stablecoins and exchanges during a sharp downturn.

Ethereum (ETH) saw a significant increase in on-chain token transfers this week as its price dropped from around $3,000 to around $2,000, with activity reaching levels last seen in August 2025, according to data shared by analyst CryptoOnchain.

The increased movement of tokens points to more selling pressure and forced repositioning, as other indicators suggest a tightening supply in the exchange.

Token Transfers Spike As ETH Price Drops

CryptoOnchain’s analysis showed Ethereum’s 14-day moving average of tokens transferred increased from about 1.6 million on January 29 to about 2.75 million on February 7. That is the highest reading since August 2025 and came as ETH corrected sharply from the $3,000 area to the $2,00 low.

The difference between falling prices and rising network activity is often associated with panic-driven behavior, where owners rush to move assets during a rapid reduction.

CryptoOnchain has linked a spike in investors switching to stablecoins, moving funds to traded exchanges, and a wave of sell-offs across decentralized finance systems as security prices fall.

“This significant increase in ERC-20 token transfers during the price collapse suggests that investors are rushing to exit positions, either converting volatile assets into stablecoins or moving funds to exchanges to liquidate,” the market watcher wrote.

The timing also coincided with a broader market selloff that saw Bitcoin fall from above $80,000 to around $60,000 before recovering to $72,000, while Ethereum struggled to hold key support near $2,000.

The selling pressure is not limited to small holders, with the likes of Ethereum co-founder Vitalik Buterin selling over 6,100 ETH in a few days last week. Some large owners have reduced exposure to loan repayments, adding short-term pressure during the downturn.

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The Current Balance Declines While Volatility Remains High

Despite the recent acceleration of the token’s movement, several indicators also pointed to a decrease in the availability of ETH in the exchange. According to on-chain researcher CoinNiel, Ethereum holdings in exchanges have fallen to levels last seen in mid-2016. Arab Chain platform experts also added that Binance’s ETH reserves have dropped to around 3.7 million ETH, the lowest since 2024.

This situation has created a mixed picture. On the other hand, ETH price action remains weak, as the asset is currently trading around $2,040, down about 3% in the last 24 hours and about 11% in the last seven days. The token briefly dipped below $1,900 on February 5, per data from CoinGecko, before returning to its current level.

On the other hand, falling exchange rates suggest that fewer coins are readily available for local trade, and some of the recent transfers may reflect a pressure-driven restructuring rather than a long-term spread. According to CryptoOnchain, similar spikes in transfer activity during the previous downturn sometimes occurred near local lows, when forced sales decreased.

For now, Ethereum sits amid continued volatility and dwindling exchange supply, with on-chain data showing fear-driven moves as long-term holders continue to pull coins from trading platforms.