Ledger co-founder Eric Larchevêque said a future where Bitcoin trades at $1 million, or even $10 million, may not be a healthy one. Wu Blockchain reported that he made the comments in a June 25 interview with When Shift Happens.

Larchevêque linked a high Bitcoin price to stress in the global money system. He said such a world may include wars, fiat currency failures, debt problems and social unrest. His message was not a simple bullish Bitcoin price call.

He said “a world where Bitcoin reaches $1 million or even $10 million may not be a good one.” The comment placed the Bitcoin $1 million debate in a wider macro setting, where price gains may reflect fear as much as demand.

Bitcoin as a final settlement asset

Larchevêque said Bitcoin has little use in a perfect world because people would not need it. In his view, Bitcoin becomes more important when trust in banks, currencies and governments weakens.

He described Bitcoin as a final settlement asset and a tool for wealth protection. That view matches a common Bitcoin argument: users value direct ownership most when access to money becomes uncertain.

He also said Bitcoin does not mean the same thing to everyone. For people in Iran and France, he said, the asset carries different meanings because local risks are different.

Ledger’s background gives the comments added weight in the crypto custody debate. Larchevêque co-founded Ledger in 2014, while Pascal Gauthier later became CEO.

Crypto.news links debate to debt pressure

The comments came as crypto.news reported on similar Bitcoin and macro themes. In a recent report, Bitwise linked Bitcoin demand to rising debt pressure and bond market stress.

That report said Bitwise sees sovereign debt concerns as part of the case for Bitcoin. It also noted that global borrowers face a heavy refinancing calendar in 2026, which could keep attention on fiat liquidity and central bank policy.

Crypto.news also reported that CZ still sees Bitcoin reaching $1 million over the next decade. His view came even as U.S. spot Bitcoin ETFs saw outflows and Bitcoin tested key price levels.

This creates two different readings of the same target. Some market figures treat $1 million Bitcoin as a long-term adoption case. Larchevêque presented it as a warning about the state of fiat money.

ETF flows keep market cautious

Bitcoin has also faced near-term pressure from exchange-traded fund flows. Crypto.news reported that U.S. spot Bitcoin ETFs saw heavy outflows in June, even while large wallets accumulated around 270,000 BTC.

That split shows a market moving in different directions. ETF investors reduced exposure, while large on-chain holders added Bitcoin during weakness. The gap has kept attention on whether institutional demand can return.

Crypto.news also reported that Bitcoin rebounded near $61,700 after ETF inflows ended a 10-day negative streak. Analysts in that report said BTC needed to reclaim $62,800 and $65,000 to confirm a stronger recovery.

At press time, Larchevêque’s comments add a cautious angle to the Bitcoin $1 million discussion. The price target remains popular, but his view suggests that a fast move to that level may say more about fiat risk than crypto strength.

Binance has seen a pronounced shift toward withdrawal activity, with weekly net outflows jumping to $1.23 billion—more than doubling from the week prior—while Ethereum withdrawals rose to their highest level in over three years. The pattern is drawing renewed attention from on-chain analysts because it suggests large volumes of ETH may be moving off exchanges, even as ether’s price begins to stabilize.

Data from DefiLlama, as reviewed by Cointelegraph, shows Binance recorded $1.23 billion in net outflows for the week beginning June 29. That figure represents a 207% increase versus about $400 million in net outflows during the preceding week, while monthly net outflows totaled roughly $3.2 billion. At the same time, CryptoQuant community analyst Darkfost reported that Binance’s Ethereum withdrawal transactions reached a multi-year peak—over 166,000 withdrawals in a single day.

Key takeaways

• Binance’s weekly net outflows rose to $1.23 billion in the week starting June 29, up 207% from roughly $400 million the week before.
• Ethereum withdrawal transactions on Binance hit the highest level in more than three years, exceeding 166,000 withdrawals in one day.
• Analysts link the withdrawals to both potential accumulation behavior and market/regulatory uncertainty tied to the EU’s MiCA transition.
• Other major centralized exchanges also posted outflows, while inflows appear more scattered across several platforms.

Ethereum withdrawals intensify as exchange balances change

The most striking element of the move is the concentration on Ethereum. Darkfost, writing for the CryptoQuant community, said Binance ETH withdrawal transactions reached their highest point in more than three years, indicating that the surge is not just routine exchange movement. The analyst also pointed to specific dynamics that could be influencing investor decisions around the time of the withdrawals.

Cointelegraph previously noted regulatory uncertainty connected to the European Union’s application timeline and enforcement environment as the Markets in Crypto-Assets Regulation (MiCA) framework comes into focus. Darkfost suggested this uncertainty—alongside near-term positioning by traders—could help explain why more users are pulling ETH off Binance.

Even if some withdrawals are consistent with accumulation behavior, the key takeaway for traders and long-term investors is what the directionality implies: increased transfers from exchange custody typically reduce readily available liquidity on that venue. While that does not automatically translate into immediate price gains, it can affect how markets absorb sells and buys.

Withdrawal surge coincides with ether’s modest rebound

CryptoQuant data highlighted a timing alignment between exchange activity and price performance. Darkfost noted that Binance’s ETH withdrawals represented the sharpest rise in withdrawal transactions recorded on the exchange since March 2023, occurring as ether posted a modest rebound of around 10% over two days.

In a separate framing, Darkfost characterized the withdrawal surge as potentially reflecting genuine demand building around the $1,500 area. The rationale is that some participants may prefer to hold ETH in self-custody rather than keep exposure on an exchange, behavior that more often aligns with longer-term accumulation than short-term trading.

Price data at the time of publication suggested ether’s recovery broader in scope. According to CoinGecko, ETH rose about 12.5% over the past seven days, trading around $1,766. Over the same period, Bitcoin edged up approximately 4.3% to about $62,925, also based on CoinGecko’s figures.

Centralized exchange flows: outflows lead, inflows remain uneven

Binance was not acting in isolation. DefiLlama’s exchange flow data indicates that centralized exchange net flows skewed toward outflows across multiple platforms over the same week. Bitfinex recorded $407.5 million in outflows, followed by Gate with $214.3 million. OKX saw $87.1 million in outflows and Bybit posted $78.4 million, underscoring that the broader pattern is not limited to a single venue.

On the opposite side of the ledger, inflows were present but more fragmented. Crypto.com led with about $63 million in net inflows, while HashKey Exchange added roughly $53.3 million. Additional inflows appeared across KuCoin (about $22.1 million), Gemini (about $17.4 million), and Bitvavo (about $15.8 million).

For market participants, this mix can matter because it hints at where new risk might be concentrating. When outflows dominate across multiple large exchanges, it often suggests a shift in custody preferences—either toward self-custody or toward venues not classified as “top movers” by weekly net flows.

Why this matters as regulatory pressure and market positioning evolve

The withdrawal surge comes at a time when European crypto market participants have been adjusting to regulatory uncertainty around MiCA. Darkfost specifically cited uncertainty related to MiCA and short-term positioning as possible contributors to the elevated withdrawal activity. While the exact share of withdrawals driven by regulation versus trading strategy is not provable from the available data alone, the combination is consistent with what investors frequently do during transitional periods: reduce exposure to venues where compliance timelines or operational constraints may become clearer.

At the same time, it would be premature to interpret every outflow event as a bullish signal. Some withdrawals can reflect operational transfers, liquidity management, or rebalancing between services. Still, the scale—particularly the jump in daily ETH withdrawal transaction counts to a level not seen in more than three years—means investors will likely watch whether the trend continues and whether it corresponds to further shifts in exchange balances.

Next, readers should focus on whether Binance’s ETH outflows remain elevated over subsequent weeks and whether similar patterns appear on other major venues, while also tracking ongoing developments in EU MiCA implementation that can alter how and where users prefer to hold assets.

U.S. spot Bitcoin ETFs recorded about $527 million in net outflows over the four trading days ending July 2. The loss marked the eighth straight negative week for the funds and set their longest weekly outflow run since launch.

The weekly decline came even after the products returned to daily inflows on July 2. The data showed that one strong session was not enough to erase heavy redemptions from earlier in the week.

The latest run also followed a weak June for the sector. According to crypto.news, U.S. spot Bitcoin ETFs saw more than $4 billion leave the products during June, making it their worst month since approval.

July 2 inflows break daily losing run

The daily picture improved on July 2, when Bitcoin ETFs recorded $221.7 million in net inflows. That ended a 10-day withdrawal streak that had pulled nearly $2.7 billion from the funds.

Fidelity’s FBTC led the rebound with about $166 million in inflows. ARK 21Shares’ ARKB added about $91.8 million, while VanEck’s HODL drew about $4.4 million.

BlackRock’s IBIT still moved in the opposite direction. The fund posted about $40.4 million in net outflows, extending its redemption run to 11 straight trading days.

That split kept doubts around the recovery. Crypto.news noted that “One $221 million day against a month of $4 billion proves nothing,” as traders looked for more green sessions across several funds.

IBIT remains the main source of selling

IBIT remained the key drag on weekly flows. Farside data showed that the BlackRock fund lost money on each trading day from June 29 through July 2, while some rival funds showed mixed demand.

The fund’s outflows stood out because IBIT has been the largest spot Bitcoin ETF by assets and trading activity. When the largest product keeps bleeding, it can weigh on the full sector even when smaller funds attract fresh capital.

The pattern also showed that ETF demand had not fully recovered. A stronger trend would require more than one inflow day and broader buying across the largest funds.

Bitcoin recovered during the same period. Crypto.news reported that weak U.S. jobs data and softer Federal Reserve comments helped Bitcoin move back above $61,000 after falling below $58,000 earlier in the week.

Ether and Hyperliquid funds show mixed flows

U.S. spot Ethereum ETFs also ended the four-day period in negative territory. The products saw net outflows for the week, even though they posted positive daily flows on July 1 and July 2.

BlackRock’s ETHA recorded about $29.7 million in inflows on July 2. That helped the Ethereum ETF group post a positive daily result, but it did not fully offset earlier losses.

Hyperliquid ETFs stayed positive for the week, but demand slowed. Farside data showed about $4.3 million in net inflows across June 29 to July 2.

The figure was far below the previous week’s strong total. This showed that demand for smaller crypto ETF products remained active, but investors moved with more caution.

Market focus shifts to ETF breadth

The next focus for traders is whether ETF inflows can spread across more products. A single strong day can ease pressure, but it does not confirm a wider recovery.

The market will also watch IBIT closely. If BlackRock’s fund continues to record outflows, the ETF sector may stay under pressure despite inflows into rival products.At the same time, whale activity has sent a different signal. Crypto.news reported that large Bitcoin wallets accumulated about 270,000 BTC while ETFs saw record outflows in June.

As of then, the data shows a split market. ETF investors have reduced exposure for eight weeks, while some large on-chain holders have added Bitcoin during the selloff.

TLDR:

• Ethereum price prediction now centers on the $1,779 resistance level after ETH gained 4.73% and moved back near a critical short-term range.
• ETH reclaimed attention after moving above $1,750, while traders now watch whether the level can hold as support in the coming sessions.
• Whale activity, Binance outflows, and spot ETF interest are improving sentiment, although weak network activity still limits bullish conviction.
• A break above $1,779 could open the way toward $1,850 to $1,900, while a drop below $1,633 may renew downside pressure.

Ethereum price prediction has turned sharply toward the $1,779 resistance zone after ETH rose 4.73% to $1,690.61 in the latest session. The move came as traders watched whether Ethereum could hold above the recently reclaimed $1,750 area. Market analyst Ted says ETH could move toward $1,850 to $1,900 as long as that level holds.

Still, the rebound comes after a weak quarterly stretch. Ethereum has faced falling network activity, mixed ETF demand, and pressure below key moving averages. That makes the next resistance test important for short-term direction.

Ethereum Price Prediction Focuses on the $1,779 Barrier

Ethereum price prediction now depends heavily on whether buyers can clear the $1,779 resistance level. That area aligns with the Ichimoku Kijun and sits close to the MA-20 at $1,775 and MA-50 at $1,756. A clean move above that cluster could shift the short-term structure.

The market is also watching the $1,753 zone. This level previously acted as support and now sits near the first major test for bulls. If ETH holds above it, traders may view the recent drop as a failed breakdown.

Meanwhile, the broader setup remains uneven. ETH has traded below several former support levels, including $1,925, $2,175, and $2,375. These zones may now act as resistance if the rebound extends.

Momentum signals are also split. MACD points to stronger buying pressure, while RSI near 55 shows Ethereum has not yet entered a clear bullish zone. CCI and Bull/Bear Power still lean bearish, suggesting sellers have not fully stepped aside.

That is why $1,779 matters. A breakout could invite fresh bids and short covering. Failure near that level may keep ETH trapped between $1,633 and $1,814.

Ethereum Price Prediction Weighed by Whales and ETF Flows

Ethereum price prediction is not only about chart levels. On-chain and institutional signals are also shaping the current setup. Large Ethereum holders added exposure near late June lows. That buying has supported cautious optimism among traders.

At the same time, Binance withdrawals reportedly reached a three-year high. Exchange outflows can reduce available supply, especially when paired with whale accumulation. This often supports bullish narratives when price starts recovering.

However, Ethereum still faces pressure from weak network activity. Active addresses have fallen sharply from early-year highs, raising questions about user demand. Since ETH powers activity across the network, lower usage can weaken the fundamental case.

ETF flows also remain mixed but the renewed spot ETF interest and June outflows showed institutional demand was not yet stable. That divergence keeps the market from forming a clean bullish view.

For now, ETH appears likely to trade inside a consolidation band between $1,633 and $1,814. A breakout above $1,779 would strengthen the case for a move toward $1,850 and $1,900. A loss of $1,633 would shift attention back to $1,500 and deeper support near $1,200.

Institutional sentiment has improved through whale activity, exchange withdrawals, and Ethereum adoption efforts. Yet buyers still need confirmation through price action. The next decisive signal sits near $1,779, where Ethereum must prove the rebound has enough strength to extend.

Binance has seen a notable shift in recent activity, with weekly withdrawals jumping sharply—most prominently in Ethereum—as analysts point to a mix of potential accumulation demand and exchange-positioning pressures.

DefiLlama data reviewed by Cointelegraph shows Binance recorded $1.23 billion in net outflows during the week beginning June 29, up 207% from roughly $400 million the previous week. Net outflows for the month totaled about $3.2 billion, underscoring that the latest surge is part of a broader pattern rather than a one-off move.

Key takeaways

• Binance’s weekly net outflows rose to $1.23B for the week starting June 29, a 207% increase versus the week prior.
• Ethereum withdrawals accelerated, with CryptoQuant reporting more than 166,000 withdrawal transactions in a single day—its highest level in over three years.
• Flows coincide with an ETH rebound, with Ether up about 12.5% over the prior seven days to around $1,766 at the time of publication.
• Outflows dominated major CEXs across the board, while inflows were smaller and more fragmented among exchanges like Crypto.com and HashKey.
• CryptoQuant links withdrawal activity to uncertainty around EU MiCA implementation as well as short-term positioning.

Ethereum withdrawals surge alongside a broader outflow trend

While the exchange-wide outflow numbers are significant, the most closely watched element is the Ethereum side. CryptoQuant reported that Binance’s ETH withdrawal transactions reached their highest level in more than three years, logging over 166,000 withdrawals in a single day.

CryptoQuant also noted that this increase represents the sharpest rise in withdrawal transactions recorded on Binance since March 2023. That timing matters to traders because exchange withdrawals can be interpreted as capital leaving centralized order books—often associated with investors moving toward self-custody or decentralized participation, rather than immediate trading.

The broader timing backdrop appears supportive for the ETH narrative. According to CoinGecko, Ether was up roughly 12.5% over the past week, trading around $1,766 at the time of publication. CryptoQuant said the surge in withdrawals aligned with Ether’s modest rebound of around 10% over a two-day period.

Why withdrawals may matter: accumulation signals vs. positioning dynamics

CryptoQuant analysts acknowledged that not all withdrawal-driven activity points to the same intent. Some of the movement could reflect accumulation behavior—buyers converting exposure while pulling funds off exchanges.

In CryptoQuant’s assessment, the withdrawal spike could indicate demand building around the $1,500 area, with investors potentially choosing to take longer-term exposure by moving funds out of Binance. The analysts contrasted that scenario with short-term trading behavior, arguing that patterns like this often align more closely with accumulation than with rapid round-trips on centralized venues.

At the same time, CryptoQuant pointed to other plausible drivers, including regulatory uncertainty linked to the EU’s MiCA (Markets in Crypto-Assets) rulebook. Earlier coverage from Cointelegraph has highlighted ongoing implementation challenges and the complexity of meeting EU compliance deadlines for certain user groups as the regulatory transition progresses.

Other exchanges see net outflows, while inflows stay limited

The move on Binance does not appear isolated. DefiLlama data indicates that several other centralized exchanges also recorded net outflows over the same period.

Bitfinex posted $407.5 million in weekly outflows, followed by Gate with $214.3 million. OKX recorded about $87.1 million in net outflows, while Bybit logged roughly $78.4 million, according to DefiLlama’s figures cited by Cointelegraph.

On the inflow side, the picture was smaller and more distributed. Crypto.com and HashKey Exchange led net gains over the past week, adding around $63 million and $53.3 million, respectively. Additional inflows were recorded at KuCoin ($22.1 million), Gemini ($17.4 million), and Bitvavo ($15.8 million).

For investors, this cross-exchange imbalance can be a useful read: when outflows are concentrated among major venues while inflows are comparatively modest, it may suggest that liquidity is being removed from centralized systems rather than simply rotating between platforms.

Broader crypto market holds steady as ETH and BTC rebound

Ether’s recovery has been paired with firmer sentiment across the broader market. In addition to ETH’s weekly gains, CoinGecko data cited in the report shows Bitcoin up about 4.3% over the same period, trading around $62,925 at the time of publication.

That matters because exchange flow spikes—especially in a single asset like ETH—are often most meaningful when they align with market stabilization or rebounds, as opposed to occurring amid broad sell-offs. Still, the intent behind withdrawals remains the key uncertainty: the same on-chain-like movement away from exchanges can reflect either long-term positioning or short-term preparation ahead of known regulatory and operational changes.

Going forward, traders and long-term holders will likely watch whether Binance’s ETH withdrawal cadence remains elevated beyond this reported peak and whether the outflow trend spreads further or begins to reverse across major CEXs. With MiCA-related uncertainty still in focus, regulators’ practical impact on exchange behavior and user access could also shape the next phase of flows.