Santiment said the share of ETH held by trading platforms fell in two stages after the Binance security incident, but only the first matched the timing of the hacker’s withdrawals, according to BlockBeats.
Two-stage decline
Exchange-held ETH represented 3.56% of total supply at the Oct. 28 close and 3.20% at the Nov. 2 close. More than half of the decline occurred on Oct. 29, the day of the Binance incident. TRM Labs data cited in the report put ETH moved from Binance hot wallets that day at about 200,630.
Withdrawals and destination remain uncertain
Holdings at major exchange addresses actually rose by about 39,000 ETH on Oct. 29, then fell by about 313,000 ETH from Nov. 1 to Nov. 2 as withdrawals reopened. Santiment said exchange data alone cannot show whether the ETH moved to cold wallets or other trading platforms.
Source: BlockBeats source, citing Santiment and TRM Labs, published Nov. 3, 2026.