Binance Sees Outflows Triple as Ethereum Withdrawals Hit Multi-Year High

Binance, the largest crypto exchange by trading volume, recorded $1.23 billion in net outflows for the week starting June 29, more than triple the roughly $400 million seen the week before. Monthly outflows from the exchange now total about $3.2 billion.

Ethereum Withdrawals Reach Highest Level in Three Years

CryptoQuant reported that Binance’s Ethereum withdrawal transactions hit their highest point in more than three years, with over 166,000 withdrawal transactions recorded in a single day. This marks the sharpest jump in ETH withdrawal activity since March 2023.

Price Rebound Adds Context to the Withdrawals

The surge coincided with Ether posting a roughly 10% gain over two days.The withdrawals may reflect real demand building near the $1,500 level, with investors moving funds off exchanges in a pattern that often points to long term holding rather than short-term trading. ETH is currently trading near $1,766, up about 12.5% over the past week, while Bitcoin has climbed 4.3% to around $62,925.

Other Exchanges See Mixed Flows

Bitfinex recorded $407.5 million in outflows, followed by Gate at $214.3 million, OKX at $87.1 million, and Bybit at $78.4 million. On the inflow side, Crypto.com led with about $63 million, followed by HashKey Exchange at $53.3 million, with smaller gains at KuCoin, Gemini, and Bitvavo.

Darkfost also pointed to ongoing regulatory uncertainty tied to the European Union’s Markets in Crypto Assets Regulation, or MiCA, as a possible driver behind some of the exchange movement, alongside short-term market positioning.