Binance, the world’s largest crypto exchange by trading volume, recorded a 207% increase in weekly net outflows of $1.23 billion for the week beginning June 29, the highest amount since March 2023, as Ethereum withdrawal transactions rose to more than 166,000 in a single day, the highest level in over three years.

DefiLlama data showed that other centralized exchanges also experienced outflows, with Bitfinex reporting $407.5 million, Gate $214.3 million, OKX $87.1 million and Bybit $78.4 million. On the inflow side, Crypto.com and HashKey Exchange recorded net inflows of approximately $63 million and $53.3 million respectively, while smaller inflows were seen at KuCoin ($22.1 million), Gemini ($17.4 million) and Bitvavo ($15.8 million).

The surge in withdrawals coincided with a modest rebound in Ether’s price, which rose about 10% over two days and 12.5% over the past week, reaching $1,766, according to CryptoQuant data. Bitcoin also edged higher, gaining 4.3% to $62,925. Darkfost, a community analyst at CryptoQuant, said the increased outflows could reflect investors moving funds to assume longer‑term exposure around the $1,500 level, citing regulatory uncertainty stemming from the European Union’s Markets in Crypto‑Assets Regulation (MiCA) and short‑term market positioning as possible drivers.

The pattern of significant outflows across major exchanges, together with the price recovery, suggests a shift in investor behavior, though the durability of the trend remains unclear.