Binance recorded about $1.23 billion in net outflows during the week beginning June 29, according to DefiLlama data reported by Cointelegraph. The figure was up 207% from about $400 million i
Binance recorded about $1.23 billion in net outflows during the week beginning June 29, according to DefiLlama data reported by Cointelegraph. The figure was up 207% from about $400 million in the previous week.
SummaryThe exchange also recorded about $3.2 billion in monthly net outflows. The move showed that users were moving more funds away from the world’s largest crypto exchange by trading volume.
The outflows came as market focus turned to Ethereum withdrawals from Binance. Data from CryptoQuant showed more than 166,000 ETH withdrawal transactions in one day.
https://x.com/cryptoquant_com/status/2072980165341401496?s=20CryptoQuant community analyst Darkfost said the level had not been seen in more than three years. The spike marked the highest Binance ETH withdrawal transaction count since March 2023.
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Darkfost said the move “could reflect genuine demand building around the $1,500 level.” He said some investors may have taken exposure and moved funds off the exchange instead of keeping them ready for short-term trading.
Exchange withdrawals can suggest long-term holding when users move assets into private wallets. Still, the data does not confirm one clear reason. Some withdrawals may also come from short-term positioning, risk control or platform changes.
Crypto.news reported that ETH reclaimed the $1,700 area as ETF inflows returned. The report also said Binance withdrawal spikes pointed to possible accumulation, while rising open interest kept volatility risk active.
Ether also recovered during the same period. Cointelegraph reported that ETH rose about 12.5% over seven days and traded near $1,766 at publication time, while Bitcoin gained about 4.3%.
The withdrawals also came during a key regulatory change in Europe. The European Union’s MiCA framework entered full force on July 1, requiring crypto firms to hold proper authorization to serve users across the bloc.
Crypto.news reported that Binance reassured EU users as the changes began. Binance said affected users’ assets remained safe and held on a one-to-one basis.
Binance CEO Richard Teng said users would still have access to communicated options, including withdrawals. His comments came after the exchange missed the full MiCA licensing deadline and adjusted some services in the region.
Crypto.news also reported that Binance would suspend most services for EU residents after failing to secure a MiCA license by the deadline. The report said withdrawals remained available and described the move as a suspension, not a permanent exit.
Other centralized exchanges also recorded weekly outflows. Cointelegraph reported that Bitfinex saw about $407.5 million in outflows, while Gate recorded about $214.3 million. OKX and Bybit also posted smaller weekly exits.
Inflows were more limited and spread across fewer platforms. Crypto.com recorded about $63 million in net inflows, while HashKey Exchange added about $53.3 million. KuCoin, Gemini and Bitvavo also saw smaller inflows.
The flow data showed a split market. Some users moved funds away from large trading venues, while others shifted assets to different platforms. The pattern matched a week shaped by ETH’s rebound, MiCA changes and cautious market positioning.
As of then, Binance’s ETH withdrawal spike remains open to more than one reading. It may show accumulation near lower ETH levels, but it also reflects a market where users are watching regulation, exchange access and short-term price risk closely.
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