Binance Bleeds Out as Investors Pull Over $1 Billion in Crypto Out the Door 🏃💸

Binance, the world's largest crypto exchange by trading volume, recorded $1.23 billion in net outflows during the week beginning June 29, a 207% increase from approximately $400 million the prior week, according to DefiLlama data cited by Cointelegraph. Monthly net outflows totaled roughly $3.2 billion. Separately, blockchain analytics platform CryptoQuant reported on Friday that Binance's Ethereum withdrawal transactions hit their highest level in more than three years, with over 166,000 withdrawal transactions recorded in a single day. CryptoQuant analysts pointed to regulatory uncertainty stemming from the European Union's Markets in Crypto-Assets (MiCA) regulation and short-term market positioning as possible drivers of the movement.

The surge in withdrawals marked the sharpest increase in ETH withdrawal transactions on Binance since March 2023, coinciding with Ether posting a modest rebound of around 10% over a two-day period. "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," CryptoQuant analysts said. According to Coingecko data, $ETH rose about 12.5% over the past seven days, trading at $1,766 at the time of publication. $BTC also edged up 4.3% over the same period, trading at $62,925 at the time of publication.

Outflows extended beyond Binance across several centralized exchanges. 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, per DefiLlama data. On the inflow side, Crypto.com and HashKey Exchange led weekly gains with approximately $63 million and $53.3 million in net inflows, respectively. Smaller inflows were recorded across KuCoin at $22.1 million, Gemini at $17.4 million, and Bitvavo at $15.8 million over the same period.