Binance, the world’s largest cryptocurrency exchange by trading volume, saw a surge in weekly outflows as Ethereum withdrawal activity reached its highest level in many years.
According to DefiLlam data Binance saw net outflows of $1.23 billion for the week of June 29, up 207% from about $400 million the week before, while monthly net outflows totaled about $3.2 billion, according to a Sunday analysis by Cointelegraph.
Separately, CryptoQuant Darkfost community analyst reported On Friday, Binance’s Ethereum withdrawal transactions reached their highest level in over three years, with over 166,000 withdrawal transactions in a single day.
While some of this movement may reflect accumulation behavior, Darkfost pointed to regulatory uncertainty arising from the European Union’s Cryptocurrency Markets Regulation (MiCA) and near-term market positioning as possible factors.
ETH outflow and price rebound
According to data from CryptoQuant, Binance’s ETH withdrawals marked the sharpest boost in withdrawal transactions recorded on Binance since March 2023, which coincided with Ether recording a modest boost of approximately 10% in two days.
“This increase in withdrawals may reflect real demand building around the $1,500 level, with investors choosing to expose and withdraw funds from the exchange, which typically indicates long-term accumulation rather than short-term trading,” Darkfost said.
Source: CryptoQuant
Ether prices have shown a broader rebound over the past week. According to Coingecko data, ETH rose approximately 12.5% over the last seven days and at press time it was trading at $1,766.
Related: Bitcoin’s Profit and Loss Rate Falls to 43-Month Low
Bitcoin, the largest cryptocurrency by market capitalization, also gained 4.3% over the same period, commercial at the time of publication it was $62,925.
Outflows dominate CEX while inflows remain fragmented
In addition to Binance, several other centralized exchanges (CEX) have also seen outflows over the past week.
Bitfinex saw an outflow of $407.5 million, followed by Gate with $214.3 million. According to DefiLlama data, OKX recorded outflows of USD 87.1 million, while Bybit recorded outflows of USD 78.4 million.
The top five exchanges sorted by weekly net flow. source: DefiLlama
On the inflow side, Crypto.com and HashKey Exchange have seen gains over the past week, recording approximately $63 million and $53.3 million in net inflows, respectively.
Smaller inflows were also observed in KuCoin – $22.1 million, Gemini – $17.4 million and Bitvavo – $15.8 million during the same period.
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