Ethereum · Bitcoin · Cointelegraph
Binance outflows triple to $1.2 billion as ETH withdrawals hit 3-year high
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Binance recorded $1.23 billion in weekly net outflows, up 207% from the previous week, as Ethereum withdrawals surged to a three-year high.
Key facts
- 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
- 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
- Bitfinex saw $407.5 million in outflows, followed by Gate at $214.3 million
- 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
Summary
Binance, the world’s largest crypto exchange by trading volume, 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, CryptoQuant community analyst Darkfost reported Friday 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, Darkfost pointed to regulatory uncertainty stemming from the European Union’s Markets in Crypto-Assets Regulation (MiCA) and short-term market positioning as possible drivers.