Binance Sees Record-Breaking Weekly Outflows Amid Ether Demand Spike

Binance, the largest cryptocurrency exchange by trading volume, saw its highest weekly net outflows in over three years, reaching $1.23 billion during the week of June 29.

This represents a 207% increase from the previous week's $400 million and marks a significant shift in centralized exchange balances.

The spike in Ethereum withdrawal activity on Binance was particularly notable, with over 166,000 transactions in a single day, the highest level since March 2023.

CryptoQuant community analyst Darkfost suggested that this surge could reflect genuine demand building around the $1,500 level, with investors choosing to take exposure and pull their funds off the exchange, a pattern typically pointing towards longer-term accumulation rather than short-term trading.