Ethereum (CRYPTO:ETH) posted a $960 million net inflow to Binance in December, marking a clear reversal after five months of sustained outflows.
On-chain data showed investors deposited more ETH than they withdrew for the first time since July 2025.
The shift followed a difficult fourth quarter in 2025, when Ethereum struggled to maintain upward momentum.
Ethereum entered 2026 on stronger footing, rising above $3,100 for the first time since mid-December.
Analysts said the inflow signalled a notable change in investor behaviour compared with most of the second half of 2025.
Throughout H2 2025, investors largely removed ETH from exchanges, often linked to long-term holding strategies.
Those sustained outflows were widely interpreted as a sign of accumulation and reduced selling pressure.
December’s figures showed that pattern had abruptly changed, raising fresh questions about market intent.
Increased exchange inflows are traditionally viewed as a bearish indicator, as assets become easier to sell.
Some analysts believe the inflows could reflect preparation for further downside after prolonged price weakness.