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.
ETH outflows vs price rebound
Binance’s 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 two days, according to CryptoQuant data.
“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.
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.
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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.
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