Binance Suffers Record Net Outflows Amid Ethereum Withdrawal Surge

Binance, the world's largest crypto exchange by trading volume, has seen a significant surge in weekly net outflows. The exchange recorded $1.23 billion in net outflows during the week beginning June 29, which is a 207% increase from roughly $400 million the week prior.

This sharp spike in outflows coincides with Ethereum withdrawal activity reaching its highest level in over three years. According to DefiLlama data viewed by Cointelegraph, Binance saw over 166,000 Ethereum withdrawal transactions in a single day, setting a new multi-year high.

Notably, Binance's monthly net outflows have totaled about $3.2 billion, highlighting the exchange's recent trend of increased user withdrawals. This development may have significant implications for the crypto market and the financial stability of Binance itself.