Key facts
- Binance recorded $1.23 billion in net outflows for the week of June 29, a 207% increase from the prior week.
- Ethereum withdrawal transactions on Binance reached their highest level in over three years.
- Over 166,000 Ethereum withdrawal transactions were recorded in a single day.
- Ether prices rebounded approximately 12.5% over the past seven days.
- Several other centralized exchanges also experienced net outflows during the same period.
Binance, the world's largest cryptocurrency exchange by trading volume, has seen a significant increase in net outflows, with $1.23 billion withdrawn in the week beginning June 29. This marks a 207% rise from the previous week's approximately $400 million in outflows, bringing the monthly total to around $3.2 billion. Concurrently, Ethereum withdrawal transactions on the exchange surged to their highest level in over three years, with more than 166,000 transactions recorded in a single day. Analysts from CryptoQuant suggest that regulatory uncertainty, particularly concerning the EU's Markets in Crypto-Assets (MiCA) regulation, and short-term market positioning could be contributing factors. The surge in Ethereum withdrawals coincided with a modest rebound in Ether's price, which rose about 12.5% over the past week to trade at $1,766. Bitcoin also saw a smaller increase of 4.3% during the same period, trading at $62,925. Other centralized exchanges, including Bitfinex, Gate, OKX, and Bybit, also experienced net outflows, while Crypto.com and HashKey Exchange recorded net inflows.