Binance weekly outflows reach US$1.23B

• Binance recorded US$1.23 billion in weekly net outflows, up 207% from the previous week, as Ethereum withdrawals reached a three-year high.
• Ethereum withdrawal transactions exceeded 166,000 in a single day, coinciding with a rebound in ETH prices.
• Analysts said the outflows may reflect long-term accumulation, although regulatory uncertainty and short-term positioning may also be contributing factors.

Binance recorded US$1.23 billion in net outflows during the week beginning 29 June, a 207% increase from about US$400 million the previous week, while monthly net outflows reached approximately US$3.2 billion, according to DefiLlama data.

The increase came as Ethereum (CRYPTO:ETH) withdrawal transactions on Binance exceeded 166,000 in a single day, the highest level in more than three years, according to CryptoQuant analyst Darkfost.

"This surge in withdrawals could reflect genuine demand building around the US$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," said CryptoQuant community analyst Darkfost.

Darkfost said the increase in withdrawals may also reflect regulatory uncertainty surrounding the European Union's Markets in Crypto-Assets Regulation (MiCA) alongside short-term market positioning, while Ether rose about 12.5% over the past seven days to trade near US$1,766.

Other centralised exchanges also recorded net outflows during the week, including Bitfinex with US$407.5 million, Gate with US$214.3 million, OKX with US$87.1 million and Bybit with US$78.4 million, while Binance is privately held so no share price was available following the latest figures.

In contrast, Crypto.com and HashKey Exchange recorded the largest weekly inflows of approximately US$63 million and US$53.3 million respectively, with smaller inflows also reported by KuCoin, Gemini and Bitvavo.

The latest exchange flow data coincided with a broader recovery in cryptocurrency markets, with Ether gaining about 12.5% over the week and Bitcoin (CRYPTO:BTC) rising approximately 4.3% during the same period.

At the time of reporting, Ethereum price was $1,783.57.