Binance outflows triple to $1.2B as ETH withdrawals hit 3-year highBinance recorded $1.23 billion in weekly net outflows, up 207% from the previous week, as Ethereum withdrawals surged to a three-year high.
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Binance, the largest cryptocurrency exchange by trading volume, experienced a significant increase in weekly net outflows during the week starting June 29. Data from DefiLlama showed Binance’s net outflows surged 207% to $1.23 billion from roughly $400 million the previous week, with total monthly outflows reaching about $3.2 billion. This sharp rise in withdrawals was accompanied by a spike in Ethereum withdrawal transactions, which hit a three-year high, with over 166,000 ETH withdrawal transactions occurring in a single day, according to CryptoQuant community analyst Darkfost.
The marked increase in Ethereum withdrawals coincided with Ether price recovering by approximately 10% over two days, and overall ETH rising about 12.5% over the previous week to trade near $1,766 as per Coingecko data. Darkfost suggested this withdrawal surge may indicate investors accumulating Ethereum outside the exchange for longer-term holding rather than short-term trading. Regulatory uncertainty stemming from the European Union’s Markets in Crypto-Assets Regulation (MiCA) was also mentioned as a possible factor influencing this withdrawal behavior.
Beyond Binance, other centralized exchanges also experienced notable outflows, including Bitfinex with $407.5 million, Gate with $214.3 million, OKX at $87.1 million, and Bybit at $78.4 million, as reported by DefiLlama. In contrast, some exchanges such as Crypto.com and HashKey Exchange saw net inflows of $63 million and $53.3 million, respectively, indicating a fragmented flow of funds between platforms.
The developments matter as they could reflect shifts in user behavior driven by regulatory environments and market positioning, with investors possibly moving assets off large exchanges toward longer-term custody. The surge in outflows at Binance, particularly of Ethereum, may signal changes in how traders and holders are managing their portfolios amid evolving market and regulatory conditions. Cointelegraph underscores that its reporting aims for accuracy and encourages readers to verify information independently.