Binance Suffers Record $1.23 Billion Outflows as Ethereum Withdrawals Reach Three-Year High

Binance recorded an unprecedented US$1.23 billion in weekly net outflows, marking a 207% increase from the previous week's US$400 million. This surge is largely attributed to Ethereum withdrawal transactions on Binance exceeding 166,000 in a single day, a three-year high.

The analyst Darkfost from CryptoQuant noted that this significant increase may indicate genuine demand building around the US$1,500 level, suggesting investors are choosing to take exposure and pull their funds off the exchange. However, he also mentioned regulatory uncertainty surrounding MiCA as a potential contributing factor.

Binance is not the only centralised exchange experiencing net outflows; Bitfinex had US$407.5 million, Gate had US$214.3 million, OKX had US$87.1 million, and Bybit had US$78.4 million. On the other hand, Crypto.com and HashKey Exchange recorded the largest weekly inflows at approximately US$63 million and US$53.3 million respectively.

The latest exchange flow data coincided with a broader recovery in cryptocurrency markets, with Ether rising about 12.5% over the week to trade near US$1,766. Bitcoin also experienced a 4.3% increase during the same period.