Binance says net outflows were $3.64B, or 2.1% of assets, in the 9.5 hours after it began restoring withdrawals; DefiLlama puts 24-hour net outflows at $4.05B (Zack Abrams/The Block)

Binance began restoring customer withdrawals, and many customers immediately moved funds away from the exchange. In the first 9.5 hours, Binance reported $3.64 billion more leaving than entering. That mattered because the flow measured the market’s immediate response to restored access.

The exchange said those net outflows represented 2.1% of its assets. The reported figure compares withdrawals with deposits during the measured period, rather than simply adding every withdrawal. Withdrawal volumes were highest after access returned, creating an initial surge.

Activity later became less intense. Binance said withdrawal volumes had eased after the initial spike. DefiLlama separately estimated 24-hour net outflows at $4.05 billion, a higher figure covering a longer period. Together, the figures show substantial movement of customer funds, while also showing that the intensity changed over time.

Net outflows measure the difference between money or cryptocurrency leaving an exchange and funds entering it during a defined period. If withdrawals exceed deposits, the result is a net outflow. This matters because it shows the direction of customer balances, not merely how busy the exchange was.

For example, suppose customers withdraw $10 billion but deposit $6 billion during the same period. The exchange’s net outflow is $4 billion. The calculation subtracts incoming funds from outgoing funds, so deposits offset part of the withdrawals.

That is how Binance’s reported figure should be read. Its $3.64 billion represented funds leaving in excess of funds entering during the first 9.5 hours after withdrawals were restored. DefiLlama’s $4.05 billion figure covered 24 hours. The figures therefore describe net movement over different measurement windows, rather than necessarily conflicting transactions.

The reported scale was large in dollar terms, but Binance said it represented 2.1% of the exchange’s assets. That percentage provides context by comparing the funds leaving with the assets Binance held. The measurement focused on net movement, meaning withdrawals after deposits were accounted for.

Binance said net outflows reached $3.64 billion during the 9.5 hours after it began restoring withdrawals. Separately, DefiLlama put 24-hour net outflows at $4.05 billion. The two figures describe different reported totals for customer funds moving away from the exchange.

The difference does not change the basic picture: outflows were substantial. The article also says withdrawal volumes eased after an initial spike. That suggests the flow was especially intense soon after withdrawals returned, while the full 24-hour estimate captured a longer period of activity.

Binance and DefiLlama were not reporting the same measurement window. Binance said its $3.64 billion in net outflows occurred during the 9.5 hours after withdrawals began being restored. DefiLlama put net outflows at $4.05 billion over 24 hours. Comparing those totals directly can therefore be misleading.

The time difference is the clearest explanation provided by the article. A 24-hour calculation includes more activity than a 9.5-hour calculation. It can capture additional withdrawals, deposits, and changes in customer behavior after the initial period.

The article does not provide further details about whether the services used different data sources or calculation methods. It does say withdrawal volumes eased after an initial spike. The separate totals should therefore be read as estimates for different periods, with DefiLlama’s figure covering the longer 24-hour window.

When many customers withdraw at once, an exchange must process a much larger flow of requests than usual. It must also transfer the requested assets to customer-controlled addresses or other platforms. The immediate challenge is managing volume while keeping withdrawals functioning.

For example, if thousands of customers request cryptocurrency simultaneously, the exchange needs enough accessible assets and operational capacity to complete those transfers. Deposits can offset some withdrawals, but a net outflow means more value is leaving than entering. A sharp spike can therefore create pressure on the exchange’s processes.

The article reports that Binance saw an initial withdrawal spike after restoring access, followed by easing volumes. It does not describe a failure or say that Binance could not meet requests. The reported figures show substantial movement, while the easing suggests the first surge became less intense over time.

Customers can move cryptocurrency away from an exchange when they want to hold it in a personal wallet or use another platform. A personal wallet may give the customer direct control over access credentials and transfers. Another platform may offer different products, services, fees, or trading options. These are general reasons, not explanations stated in this article.

For example, a customer could withdraw coins to a personal wallet after deciding not to keep them on an exchange. Another customer could transfer funds to a competing platform to trade there. In both cases, the exchange records an outgoing transfer, while the customer’s assets move elsewhere.

The article only reports the scale and timing of Binance’s outflows. It says withdrawals initially spiked after restoration and later eased. It does not identify whether customers moved funds for security, convenience, trading, or another specific reason.

A cryptocurrency exchange generally manages two connected layers. It keeps an internal ledger showing how much each customer is credited with, while blockchain networks record transfers between wallet addresses. This matters because a customer balance on an exchange may be an internal account entry, not a separate blockchain transaction for every trade.

For example, when a customer deposits cryptocurrency, the exchange receives it at a blockchain address and credits the customer internally. A trade between two customers can then change the exchange’s internal records without moving coins on-chain. When a customer withdraws, the exchange sends cryptocurrency from an exchange-controlled address to the requested destination.

The source article does not explain Binance’s custody systems, wallet structure, or accounting methods. It only reports net outflows and withdrawal activity. The general model above explains why an exchange can measure customer flows internally while blockchain networks separately record actual asset transfers.