What to know:
- Binance outflows hit $1.23B in a week as ETH withdrawals reached a three-year high.
- CryptoQuant said 166,000 ETH withdrawals could signal demand near the $1,500 level.
- DefiLlama data showed mixed CEX flows, with Crypto.com and HashKey seeing inflows.
Binance outflows jumped last week as Ethereum withdrawals on the exchange reached a three-year high. The move came as traders tracked liquidity shifts across major crypto trading platforms.
On Sunday, DefiLlama data shows Binance outflows reached $1.23 billion in net outflows during the week beginning June 29. That marked a 207% increase from about $400 million one week earlier.
Outflows from Binance on a monthly basis amounted to nearly $3.2 billion. The surge meant that Binance outflows were dominating the market amid growing Ethereum activity.
Also Read: Ethereum Quantum Computers Plan Targets Post-Quantum Security Through 2029
Ethereum Withdrawals on Binance Hit Three-Year High
On Friday, CryptoQuant analyst Darkfost reported that more than 166,000 Ethereum withdrawal transactions took place on Binance in one day. This number was the highest for the exchange in almost three years.
The surge marked the strongest withdrawal transactions on Binance since March 2023. This happened even as Ether grew by almost 10% in two days, per CryptoQuant.
This development could be indicative of real demand around $1,500, said Darkfost. According to the analyst, some investors had taken exposure and withdrawn money from the exchange.
That pattern is often linked to longer-term accumulation instead of short-term trading, Darkfost said. The analyst mentioned MiCA-related regulations and short-term positioning as possible factors.
Binance outflows rose amid a broader recovery in the price of ETH. As per the CoinMarketCap data, the ETH price increased by 13.3% over the last seven days and is trading at $1,777 at the time of reporting.
Binance Outflows Lead Mixed Exchange Flows as Bitcoin Rises
Bitcoin also moved higher during the same period. The BTC price increased by 5.2% in seven days and trades at $62,925.
Other centralized exchanges saw outflows. DefiLlama data shows that Bitfinex had seen weekly outflows of $378.5 million, whereas Gate has weekly outflows of $202.8 million.
OKX has also recorded outflows of $40.1 million. Bybit also had outflows of $87.2 million in a week.
However, some exchanges experienced inflows. Crypto.com has the largest inflows with an amount of $55 million, whereas HashKey Exchange saw inflows of $52 million.
KuCoin recorded $27.8 million in net inflows. Gemini has added $17.2 million, and Bitvavo had inflows of $15 million.
The mixed exchange data showed uneven liquidity movement across trading platforms. Binance saw the largest weekly outflows among all exchanges tracked through DefiLlama data.
Also Read: ETH Price Forecast Signals Rally Toward $2,160 After Recovery Pattern
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