Binance, the world’s largest exchange by asset value, is facing a record $21.75 billion outflow over the past seven days. This sudden drop in exchange balance came after the U.S. announced new tariffs on China, shaking up the entire crypto market.
According to data from CoinGlass, nearly $4.1 billion in crypto assets were withdrawn from Binance within 24 hours alone. The timing of this outflow aligned with Bitcoin tumbling from $111,797 to $102,000, while Ether slid to $3,500 and Solana sank below $140. This meant traders were rushing to sell as fear swept through the market.
Exchanges record heavy withdrawals
Beside Binance, data from CoinGlass shows other big exchanges also saw heavy withdrawals. Bitfinex recorded an outflow of about $390 million in just one day and $905 million over the week. OKX also saw $288 million pulled out in 24 hours and over $1 billion gone in seven days.
Gate and Bitget also lost over a billion dollars as traders rushed to move their money. But smaller exchanges like Bitunix went against the flow, gaining around $147.7 million. This shows a belief by some traders that a few platforms are still safer places to keep their funds.
CoinGlass had earlier reported that traders endured record liquidations worth $19.1 billion. Yet, researcher Yan noted the figures could be “much higher,” citing Binance’s documentation that counts only the latest liquidation per second. “Liquidations come in bursts, causing up to 100x underreporting,” Yan said. CoinGlass also acknowledged that Binance’s internal system may miss large portions of liquidation data during high-volume events.
Binance responds to concerns
Binance admitted that the market downturn has “impacted not only asset prices but also user confidence.” The exchange launched the “Together Initiative” to support affected users and strengthen community trust. Addressing mounting criticism, CZ recalled Binance’s early history, saying, “No other company had protected its users to such an extent, even to this day.”
Meanwhile, popular X commentators are urging others to withdraw funds. CryptoCurb urged traders to be warned of potential seizures and system risks. The posts have stirred panic, though Binance maintains operations have remained stable.
The huge withdrawals reveal that many investors are losing trust in major exchanges. People want honesty, fast updates, and proof their funds are secure. After such a chaotic week, Binance’s next steps could decide whether users regain confidence or keep pulling out.
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