Binance outflows triple to $1.2B as ETH withdrawals hit 3-year high

Binance, the worlds 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 Binances 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 Unions Markets in Crypto-Assets (MiCA) regulation and short-term market positioning as possible drivers.

$ETH outflows vs price rebound

Binances $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.

Source: CryptoQuant

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.

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.

Outflows dominate CEXs while inflows remain fragmented

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.