Exchange liquidity: Binance disclosed that, as of 11:00 Beijing time, hourly deposits had exceeded withdrawals, saying user activity had improved and fund flows were becoming more stable. Withdrawals were still being restored in phases that day. What matters more is whether net inflows can remain stable for several consecutive hours, whether restored networks cover commonly used chains, and whether withdrawal queues will lengthen again amid intraday volatility. Don’t interpret a brief period of deposits exceeding withdrawals as a sign that panic is over, and don’t overlook that liquidity expectations may still be amplified by any new anomaly before withdrawal channels are fully back to normal.