Behemoth crypto exchange Binance has seen massive withdrawals in the past week and—on Tuesday—the highest amount of one-day withdrawals since June, Nansen data has revealed.
Binance’s international arm saw over $8.78 billion leave its exchange and $5.1 billion in incoming funds, meaning the exchange faced a net outflow of roughly $3.66 billion.
While such data only refers to Binance’s Ethereum and ERC-20 token movements, approximately 63% of Binance’s portfolio is on Ethereum and the outflows are much larger compared to other crypto exchanges over the same period.
Binance’s $3.66 billion weekly outflow is leagues more than Coinbase, for example, which saw a net outflow of roughly $574 million from its main exchange and $248 million from its Coinbase Custody service. Binance US saw a net outflow of over $38.7 million in that same period.
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