Binance recorded $1.23 billion in weekly net outflows, up 207% from the previous week, as Ethereum withdrawals surged to a three-year high.
Binance, the world’s largest crypto exchange by trading volumes, recorded a sharp surge in weekly outflows as Ethereum withdrawal activity climbed to a multi-year high.
According to DefiLlama data viewed by Cointelegraph on Sunday, Binance saw $1.23 billion in net outflows during the week beginning June 29, a 207% increase from roughly $400 million the week prior, while monthly net outflows totaled about $3.2 billion.
Separately, blockchain analytics platform CryptoQuant on Friday reported that Binance’s Ethereum withdrawal transactions hit their highest level in more than three years, with over 166,000 withdrawal transactions in a single day.
While some of the movement may reflect accumulation behavior, CryptoQuant analysts pointed to regulatory uncertainty stemming from the European Union’s Markets in Crypto-Assets (MiCA) regulation and short-term market positioning as possible drivers.
Binance’s ETH withdrawals marked the sharpest increase in withdrawal transactions recorded on Binance since March 2023, coinciding with Ether posting a modest rebound of around 10% over a two-day period, CryptoQuant said.
“This surge in withdrawals could reflect genuine demand building around the $1,500 level, with investors choosing to take exposure and pull their funds off the exchange, a pattern that typically points toward longer-term accumulation rather than short-term trading,” the analysts said.
Ether prices showed a broader recovery over the past week. According to Coingecko data, ETH rose about 12.5% over the past seven days, trading at $1,766 at the time of publication.
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Bitcoin, the largest cryptocurrency by market capitalization, also edged up 4.3% over the same period, trading at $62,925 at the time of publication.
Apart from Binance, several other centralized exchanges (CEXs) also recorded outflows over the past week.
Bitfinex saw $407.5 million in outflows, followed by Gate at $214.3 million. OKX recorded $87.1 million in outflows, while Bybit posted $78.4 million, according to DefiLlama data.
Top five exchanges sorted by weekly net flows. Source: DefiLlama
On the inflow side, Crypto.com and HashKey Exchange led gains over the past week, recording around $63 million and $53.3 million in net inflows, respectively.
Smaller inflows were also seen across KuCoin at $22.1 million, Gemini at $17.4 million, and Bitvavo at $15.8 million over the same period.
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Source: https://cointelegraph.com/news/binance-outflows-1-23-billion-eth-withdrawals-3-year-high?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound