Binance Weekly Net Outflows Top $1.23 Billion as Ether Withdrawals Hit Highest Since March 2023
Summary
- Binance recorded $1.23 billion in weekly net outflows and $3.2 billion in monthly net outflows.
- Binance's Ether withdrawal count exceeded 166,000 in a single day, the highest since March 2023.
- CryptoQuant said demand around the $1,500 level, a long-term holding bias, and EU MiCA regulatory uncertainty may have driven the increase in withdrawals.
Forecast Trend Report by Period
Weekly net outflows from global cryptocurrency exchange Binance more than tripled to $1.23 billion, while Ether withdrawals rose to their highest level in more than three years.
Cointelegraph reported on July 5, citing DefiLlama data, that Binance recorded $1.23 billion in net outflows for the week beginning June 29. That was a 207% jump from about $400 million the previous week. Monthly cumulative net outflows reached about $3.2 billion.
Ether withdrawals also accelerated. On-chain analytics platform CryptoQuant said the number of Ether withdrawals from Binance exceeded 166,000 in a single day, the highest since March 2023.
CryptoQuant analysts said the surge in withdrawals may reflect the emergence of real demand around the $1,500 level. Moving assets off exchanges tends to signal a preference for long-term holding rather than short-term trading, they said. The analysts added that regulatory uncertainty tied to the European Union's Markets in Crypto-Assets framework, or MiCA, and short-term market positioning may also have contributed to the increase.
Other centralized exchanges also posted net outflows. Bitfinex recorded $407.5 million, Gate $214.3 million, OKX $87.1 million and Bybit $78.4 million. By contrast, Crypto.com and HashKey Exchange posted net inflows of $63 million and $53.3 million, respectively.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.