Binance outflows rose to a three-year high last week. The move came as Ethereum (ETH) withdrawals from the exchange reached their highest level since March 2023.
The world’s largest exchange saw $1.23 billion leave in the week of June 29. That represents a 207% jump from about $400 million the previous week, according to DefiLlama data.
Why are Binance outflows rising?
It’s hard to ignore the timing. Outflows peaked in the final days ahead of the EU’s July 1 cryptocurrency deadline.
Net monthly external flows amounted to about $3.2 billion. Devillama Show data. However, the amount seems modest compared to Binance’s benchmark.
The stock exchange was operated at approximately 39% of Highest instant exchange volume In 2025, according to CoinGecko’s count. Withdrawals can reflect self-storage, market conditions, or accumulation, so the reason is rarely simple.
Does MiCA fuel displacement?
The organization ranks high on the list of suspects. The transition period for crypto asset markets (MiCA) ends on July 1. The European Securities and Markets Authority ruled out any extension.
Binance has confirmed that it will not obtain a MiCA license by June 30 Reducing EU services For users in Poland, Italy, Spain and France as of July 1.
The stock exchange also withdrew the Greek license offer a few days ago. Reports said the regulator would refuse to exonerate co-founder Changpeng Zhao (CZ). His guilty plea in 2023 and the $4.3 billion US Binance settlement continue to overshadow his claims.
Binance framed the decline as temporary.
“Binance is not leaving Europe,” said Gillian Lynch, head of Europe and the UK. Reuters.
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The pressure was not from Binance alone. Bybit becomes the second major exchange for Restriction to European users Before the deadline. This indicates a regulatory shake-up rather than just a problem with Binance.
Or is this ETH accumulation?
There is a competing reading. CryptoQuant analyst Darkfost recorded more than 166,000 Ether withdrawal transactions on Binance in a single day. This was the highest number since March 2023.
Withdrawals have fallen as ether has rebounded, and are still about 67% below their peak in August 2025. Coins leaving an exchange often indicate an intention to hold rather than sell.
Over the past seven days, the value of ether has risen by about 12%. Trade near $1,766. Darkfoust pegged the exit to demand building near recent lows, a pattern he reads as long-term accumulation.
The near-term test is whether coins will continue to go out once the deadline hype fades. Continued external flows would reinforce the state of accumulation. A return to the exchanges would suggest short-term positions instead.
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