Binance saw $1.23 billion in net outflows for the week starting June 29, up more than 200% from the week before. But this wasn’t simply a broad market selloff. Crypto stayed relatively steady even as wider risk appetite softened, making the exchange flow data stand out.
Net outflows track the difference between withdrawals and deposits. When more assets are leaving than coming in, it signals capital being pulled off the platform. This week, Ethereum was a major driver. More than 166,000 Ethereum withdrawal transactions hit Binance in a single day, the highest level since March 2023. Since early May, more than 3 million Ethereum have left Binance, a pattern that can point to users shifting coins into self-custody instead of keeping them on a trading venue.
That doesn’t settle the full picture, but it does show withdrawal activity has picked up sharply. For now, the clearest signal is that users are moving a meaningful amount of Ethereum off Binance.