Large volumes of Ethereum have recently flowed into Binance, heightening concerns about potential near-term selling pressure.

CryptoQuant Quicktake said on May 10 that on-chain analyst Darkfost had repeatedly observed large hourly ETH inflows into Binance since the start of May. ETH has been trading in a range of $2,250 to $2,450.

Major inflow events included 216,152 ETH on May 6, worth about $511 million, 98,552 ETH on May 8, worth about $224 million, and 125,146 ETH on May 9, worth about $288 million, according to the analysis.

Darkfost focused on the fact that those large inflows occurred during periods of ETH price correction. The moves appeared to reflect investors’ emotional reactions more than calculated profit-taking, he wrote.

Binance’s ETH holdings also continued to increase over the same period. Its Ethereum reserves now stand at about 3.62 million ETH, or roughly 24.6% of total ETH reserves held across exchanges.

That suggests short-term anxiety among large ETH holders still lingers, Darkfost wrote. He added that the trend may be one factor behind Ethereum’s rangebound trading in recent weeks.