Binance, the world’s largest crypto exchange by trading volume, posted $1.23 billion in net outflows during the week beginning June 29, a 207% jump from roughly $400 million the prior week, according to DefiLlama data viewed Sunday. Monthly net outflows from the exchange totalled approximately $3.2 billion. Net outflows measure crypto leaving an exchange faster than it arrives, a move watchers read either as investors pulling coins into self-custody or as capital exiting the platform.
ETH Withdrawal Transactions Surge to Multi-Year Peak
CryptoQuant community analyst Darkfost reported Friday that Binance’s Ethereum withdrawal transactions reached their highest level in more than three years, surpassing 166,000 withdrawal transactions in a single day. The spike marks the sharpest one-day surge in ETH withdrawal activity on Binance since March 2023.
Darkfost flagged two possible drivers behind the movement: regulatory uncertainty tied to the European Union’s Markets in Crypto-Assets Regulation (MiCA), and short-term market repositioning. However, the analyst also pointed to accumulation as a plausible explanation.
‘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,’ Darkfost said.
ETH Price Posts Modest Recovery
The withdrawal spike coincided with Ether rebounding roughly 10% over two days, per CryptoQuant data. Over the broader seven-day period, ETH climbed approximately 12.5%, trading at $1,766 at the time of publication according to CoinGecko. Bitcoin edged up 4.3% over the same period, trading at $62,925.
Outflows Spread Across Major CEXs
Binance was not the only centralized exchange recording significant outflows last week. Bitfinex saw $407.5 million leave its platform, followed by Gate at $214.3 million. OKX posted $87.1 million in outflows and Bybit recorded $78.4 million, all per DefiLlama figures.
Inflows Concentrated at Smaller Platforms
On the inflow side, Crypto.com led with approximately $63 million in net inflows over the week, followed by HashKey Exchange at $53.3 million. Smaller inflows were recorded at KuCoin ($22.1 million), Gemini ($17.4 million), and Bitvavo ($15.8 million).
