Ethereum CEX balance drops sharply: More than 31 million coins flowed out in February, Binance platform balance hits lowest level since 2020 On March 4th, according to CryptoQuant data, over 31 million ETH flowed out of centralized trading platforms in February, setting a record for the largest monthly outflow since November last year. Among them, Binance has released about 14.45 million coins, accounting for nearly half of the total outflow; OKX has released approximately 3.83 million pieces; Kraken has released approximately 1.04 million pieces. Continuous outflow reduces the liquidity available for spot trading, and short-term liquidity decreases after tokens are transferred to private wallets or staking platforms. When market activity rebounds, the shrinkage of exchange balances may exacerbate price fluctuations. Crypto analyst Arab Chain stated that although ETH prices are still hovering around $2000, derivative data shows a divergence between small buyers and large sellers, with market attention focused on how prices will react once the buying and selling directions of individual investors and whales converge. CryptoQuant data also shows that Binance's Ethereum reserves have dropped to about 3.46 million, the lowest level since 2020. In the previous cycle, the reserve peaked at over 5 million pieces and then entered a gradual decline channel. Hyblock data shows differentiation between different transaction sizes. The cumulative trading volume Delta of small orders (0-10000 US dollars) is close to 95 million US dollars, indicating a sustained retail led buying trend; The CVD in the range of 10000 to 100000 US dollars is about -162 million US dollars, while the range above 100000 US dollars is close to -357 million US dollars, indicating that large participants in the same period tend to sell net. The buy sell ratio has recently slightly turned positive, rising to 0.2 at one point before falling back to 0.03, indicating a slight increase in buying activity but a lack of broad consensus overall. Open interest contracts decreased from nearly $10 billion at the end of February to approximately $9.41 billion, with reduced leverage. Analysis suggests that if individual investors continue to accumulate while large investors slow down their selling pressure, the long and short forces may tend to converge. At that time, against the backdrop of supply contraction on trading platforms, once ETH stabilizes above $2000-2150, it may amplify its upward momentum in price.