Binance faces $1.23B withdrawal in a week

Binance's platform experienced a sharp increase in outflows, recording over $1.23 billion in outflows during the week starting June 29, representing a 207% rise compared to the previous week. This came amid an unprecedented surge in Ethereum withdrawals, reaching the highest level in three years, with over 166,000 withdrawal transactions in a single day. Ethereum's price rose by about 10% over two days, trading at $1,766, while withdrawals continued to increase as the currency's price recovered. Investors' concerns over regulatory uncertainty and the impact of new regulations also contributed to these movements. Other centralized trading platforms also saw outflows, while only two platforms recorded limited inflows.

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