It seems more people are withdrawing ETH or transferring it to cold wallets. A decrease in exchange holdings is usually bullish, but don't ignore macro factors and on-chain demand; without buying pressure, it won't last long.

ETH-3.51%
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CryptoFrontier
Ethereum Liquid Supply Hits 2024 Low on Binance
Abstract: CryptoQuant reports a notable contraction in Ethereum's liquid supply on Binance, with liquid ETH dropping to about 534,000 from a total reserve of 3.44 million. The trend, termed liquidity dryup, could reduce near-term selling pressure and provide price support if demand improves.

Summary: CryptoQuant notes Binance's ETH liquid supply fell to ~534k of 3.44M total, signaling a liquidity dryup that could ease selling pressure and support prices if demand strengthens.
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