Ethereum withdrawal transactions surge to highest level since March 2023
Binance recorded $1.23 billion in net outflows during the week beginning June 29, a 207% increase from the previous week’s $400 million, as Ethereum withdrawal transactions reached their highest level in over three years.
The surge marked the sharpest spike in ETH withdrawal activity on Binance since March 2023, with 166,000 Ethereum withdrawal transactions recorded in a single day. Ether itself posted a modest rebound over the same period, rising 10% over two days and gaining 12.5% over the past seven days to trade at $1,766 at publication.
Binance is the world’s largest crypto exchange by trading volumes. The weekly outflow figure contributed to $3.2 billion in monthly net outflows from the platform.
CryptoQuant analysts attributed the withdrawal surge to multiple factors. “This surge in withdrawals 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 that typically points toward longer-term accumulation rather than short-term trading,” the analysts said.
Regulatory uncertainty stemming from the European Union’s Markets in Crypto-Assets (MiCA) regulation and short-term market positioning were cited as possible drivers of the outflows, according to CryptoQuant analysts.
The outflow wave extended beyond Binance. Bitfinex recorded $407.5 million in weekly outflows, while Gate saw $214.3 million exit the platform. OKX experienced $87.1 million in outflows, and Bybit recorded $78.4 million. Several smaller exchanges bucked the trend: Crypto.com posted $63 million in weekly net inflows, HashKey Exchange recorded $53.3 million, KuCoin saw $22.1 million flow in, Gemini added $17.4 million, and Bitvavo gained $15.8 million.
Bitcoin climbed 4.3% over the same period, trading at $62,925 at publication.
Broader market context
The timing of the Ethereum withdrawal surge coincided with broader market movements. Ether’s rebound and elevated withdrawal activity suggest investors were repositioning holdings across centralized and non-custodial venues, though the exact trigger for the outflow acceleration remains unclear.
DefiLlama and CryptoQuant both track on-chain exchange flows and withdrawal patterns. The data from both platforms underscores the scale of the movement: a single day’s worth of ETH transactions at Binance approached levels typically seen over longer periods in prior years.
