3 Minutes
Binance posts $1.23B weekly net outflows as ETH withdrawals jump
Binance, the world’s largest cryptocurrency exchange by trading volume, recorded sharply higher weekly net outflows of $1.23 billion for the week starting June 29. That represents a 207% increase from roughly $400 million the previous week and contributes to monthly net outflows of about $3.2 billion, according to DefiLlama data reviewed by Cointelegraph.
Ethereum withdrawals hit a three-year peak
Blockchain analytics provider CryptoQuant reported that Binance saw its highest daily Ethereum withdrawal activity in more than three years, with over 166,000 ETH withdrawal transactions in a single day. Analysts say this spike may reflect a mix of accumulation behavior, short-term positioning and growing regulatory uncertainty tied to the EU’s Markets in Crypto-Assets (MiCA) framework.
CryptoQuant noted the surge in ETH withdrawals coincided with a modest price rebound for Ether. Over a two-day window, ETH rallied roughly 10%, and Coingecko data shows Ether climbed about 12.5% across the week, trading near $1,766 at the time of reporting. The analytics firm suggested that investors could be moving funds off-exchange to hold exposure around the $1,500–$1,800 range, a pattern consistent with longer-term accumulation rather than purely speculative trading.
Price context: ETH and Bitcoin recovery
Ether’s weekly recovery followed broader market strength: Bitcoin also gained, edging up about 4.3% to trade near $62,925 during the same period. The simultaneous uptick in major crypto prices and ETH withdrawals highlights shifting investor behavior on centralized exchanges (CEXs).
Outflows across centralized exchanges
Outflows were not limited to Binance. DefiLlama’s weekly flow summary shows other major centralized exchanges also recorded net withdrawals:
- Bitfinex: $407.5 million outflows
- Gate: $214.3 million outflows
- OKX: $87.1 million outflows
- Bybit: $78.4 million outflows
Top five exchanges sorted by weekly net flows.
On the inflow side, some platforms attracted deposits: Crypto.com led inflows with about $63 million, followed by HashKey Exchange at $53.3 million. Smaller inflows were recorded at KuCoin ($22.1M), Gemini ($17.4M) and Bitvavo ($15.8M).
What this means for crypto markets
Large exchange outflows can indicate diversification of custody (self-custody or other platforms), accumulation by long-term holders, or reactions to regulatory developments. With MiCA and other global policy moves prompting uncertainty, traders and institutional holders may be repositioning assets outside major exchanges. Monitoring net flows, ETH withdrawal volumes and on-chain activity will remain essential for traders, analysts and compliance teams tracking market sentiment and liquidity across centralized exchanges.
This trend underscores the ongoing interplay between regulation, exchange liquidity and investor behavior in the evolving crypto ecosystem.
Source: cointelegraph
Leave a Comment