Ethereum is under pressure and has just dropped below $1,600. However, on-chain data shows that a crypto whale, “0xb154”, has moved more coins from Binance, a cryptocurrency exchange, to a non-custodial wallet.

On September 21, the ETH whale transferred over $8.1 million of the coin. 

Whale Moves More Ethereum From Binance, Buying NFTs

When crypto prices contract, outflows from non-custodial wallets to centralized ramps, including Binance and Coinbase, tend to rise. This is because centralized exchanges supporting stablecoins or fiat, including the Euro or JPY, offer an interface where they can easily swap for the “safety” of the less volatile fiat currencies or tokens designed to mirror them, including USDT.

That the holder is shifting tokens away from Binance regardless …