- Binance recorded $1.23 billion in weekly net outflows, up 207% from the previous week as Ethereum activity accelerated.
- More than 166,000 Ethereum withdrawal transactions were processed on Binance in a single day, the highest level in nearly three years.
- Analysts believe the spike could point to long-term accumulation rather than short-term selling, even as ETH and Bitcoin continue climbing.
Binance is seeing a sharp wave of funds leaving the exchange, with Ethereum withdrawals reaching levels not seen in almost three years. The shift comes as traders closely monitor liquidity movements across centralized exchanges while both Bitcoin and Ether continue pushing higher.
According to DefiLlama, Binance recorded roughly $1.23 billion in net outflows during the week that began on June 29. That’s a huge jump, about 207%, compared with the previous week’s $400 million in net outflows.
Looking at the bigger picture, Binance has now seen nearly $3.2 billion leave the platform over the past month. That makes it the clear leader in exchange outflows, with Ethereum activity playing a major role in the trend.
Ethereum Withdrawals Reach Highest Level Since 2023
Fresh data from CryptoQuant highlights just how unusual the activity has become.
Analyst Darkfost revealed that Binance processed more than 166,000 Ethereum withdrawal transactions in a single day on Friday, marking the exchange’s highest daily withdrawal count in almost three years.
The last time Binance recorded anything close to that level was back in March 2023. Interestingly, the spike happened while Ether rallied nearly 10% in just two days, suggesting investors weren’t rushing to sell into strength.
Instead, the withdrawals may reflect something very different.
Darkfost believes the movement could signal genuine buying interest around the $1,500 price region. Investors appear to have accumulated ETH on the exchange before transferring their holdings into private wallets, a pattern that’s often associated with longer-term conviction rather than active trading.
The analyst also pointed to several possible catalysts behind the activity, including MiCA-related regulatory adjustments in Europe and short-term market positioning.
Meanwhile, Ethereum’s price has continued climbing. CoinMarketCap data shows ETH has gained roughly 13.3% over the past seven days, trading around $1,777 at the time of writing.
Bitcoin Climbs as Exchange Flows Remain Mixed
Ethereum wasn’t the only major cryptocurrency moving higher.
Bitcoin rose about 5.2% over the same seven-day period, with BTC changing hands near $62,925 as bullish momentum returned across the broader crypto market.
While Binance dominated the outflow charts, several other major exchanges also recorded sizeable withdrawals.
DefiLlama data shows Bitfinex posted approximately $378.5 million in weekly outflows, followed by Gate with $202.8 million. Bybit lost around $87.2 million, while OKX recorded roughly $40.1 million in net outflows.
Not every platform saw money leaving, though.
Crypto.com led exchanges with positive flows, attracting about $55 million in net inflows. HashKey Exchange followed closely with $52 million, while KuCoin added $27.8 million. Gemini brought in another $17.2 million, and Bitvavo recorded approximately $15 million in inflows.
The mixed figures paint a more complicated picture than a simple market-wide exit. Liquidity is still moving across exchanges, but Binance remains the standout, recording by far the largest weekly outflows among all platforms tracked by DefiLlama.
Are Investors Preparing for a Longer-Term Move?
Large exchange outflows don’t automatically signal bullish price action, but they often suggest investors are becoming less interested in keeping assets on trading platforms.
When cryptocurrencies are moved into private wallets, they’re generally less available for immediate selling. That can indicate growing confidence among holders, especially when withdrawals occur during a rising market instead of a sharp decline.
With Ethereum withdrawals hitting their highest level in years and Binance leading exchange outflows by a wide margin, traders will likely be watching closely to see whether this trend develops into a broader accumulation phase or simply reflects short-term positioning ahead of the market’s next move.
