Over the past 7 days, exchange reserves across the market fell by a net $10.7 billion, and over 30 days they fell by a net $6.33 billion. Binance alone saw a net decline of $11.05 billion over 7 days, coinciding with a withdrawal surge following the early-November theft of approximately $6.3 billion. However, flows turned positive over the past 24 hours, with a net inflow of $425.7 million, suggesting a return to stability after an event-driven run rather than a broad-based exodus.
What the data says
• Net outflows totaled $10.70 billion over 7 days, about 4.2% of total assets of $255.19 billion—the largest reading in this dataset. This measures how much assets in exchange wallets have declined. It usually means coins were withdrawn to self-custody or sold, and is generally a defensive signal.
• Binance alone saw a net decline of $11.05 billion over 7 days, while its total assets stood at $131.96 billion, making the decline about 8.4%. Outflows from a single exchange exceeded net outflows across the market, meaning other exchanges saw net inflows over the same period. This points to risk concentrated at one platform, rather than across the industry as a whole.
• Across the market, net inflows totaled $425.7 million over 24 hours, reversing the 7-day trend. OKX (+$209.6 million), Gate (+$223.8 million), and Bitstamp (+$189.2 million) led the gains. Binance also posted a small net increase of $118.6 million, suggesting the most intense phase of withdrawals may have passed.
• Major stablecoins saw $1.40 billion in inflows and $1.13 billion in outflows over 24 hours, for a net inflow of about $270 million. Stablecoin inflows to exchanges are generally interpreted as “ammunition” ready to buy crypto, but the 1-hour window showed $229.4 million in outflows and just $18.2 million in inflows, so the short-term direction is mixed.
• Bitfinex was the only major exchange with notable net outflows in both the 24-hour and 7-day windows (-$398.8 million and -$453.4 million, respectively). It also recorded $286.4 million in stablecoin inflows and $163.5 million in outflows. The combination of declining reserves and net stablecoin inflows looks more like internal rebalancing or a custody transfer, and should not be taken as a bearish signal on its own.
What the data says
• Net outflows totaled $10.70 billion over 7 days, about 4.2% of total assets of $255.19 billion—the largest reading in this dataset. This measures how much assets in exchange wallets have declined. It usually means coins were withdrawn to self-custody or sold, and is generally a defensive signal.
• Binance alone saw a net decline of $11.05 billion over 7 days, while its total assets stood at $131.96 billion, making the decline about 8.4%. Outflows from a single exchange exceeded net outflows across the market, meaning other exchanges saw net inflows over the same period. This points to risk concentrated at one platform, rather than across the industry as a whole.
• Across the market, net inflows totaled $425.7 million over 24 hours, reversing the 7-day trend. OKX (+$209.6 million), Gate (+$223.8 million), and Bitstamp (+$189.2 million) led the gains. Binance also posted a small net increase of $118.6 million, suggesting the most intense phase of withdrawals may have passed.
• Major stablecoins saw $1.40 billion in inflows and $1.13 billion in outflows over 24 hours, for a net inflow of about $270 million. Stablecoin inflows to exchanges are generally interpreted as “ammunition” ready to buy crypto, but the 1-hour window showed $229.4 million in outflows and just $18.2 million in inflows, so the short-term direction is mixed.
• Bitfinex was the only major exchange with notable net outflows in both the 24-hour and 7-day windows (-$398.8 million and -$453.4 million, respectively). It also recorded $286.4 million in stablecoin inflows and $163.5 million in outflows. The combination of declining reserves and net stablecoin inflows looks more like internal rebalancing or a custody transfer, and should not be taken as a bearish signal on its own.