Binance outflows triple to $1.2B as ETH withdrawals hit 3-year high
Binance recorded $1.23 billion in weekly net outflows, up 207% from the previous week, as Ethereum withdrawals surged to a three-year high.
Binance, the world’s largest crypto exchange by trading volumes, recorded a sharp surge in weekly outflows as Ethereum withdrawal activity climbed to a multi-year high.
According to DefiLlama data viewed by Cointelegraph on Sunday, Binance saw $1.23 billion in net outflows during the week beginning June 29, a 207% increase from roughly $400 million the week prior, while monthly net outflows totaled about $3.2 billion.
Separately, blockchain analytics platform CryptoQuant on Friday reported that Binance’s Ethereum withdrawal transactions hit their highest level in more than three years, with over 166,000 withdrawal transactions in a single day.