Binance Users Pull $3.64B After Withdrawals Reopen — Is the Rush Over?

$3.64 billion walked out of Binance in nine and a half hours — and Binance says that is just 2.1% of the money it holds. The rush came the moment withdrawals reopened after the $6.3 billion hack, so the next few days will show whether users are done leaving or just getting started.

Key points:

• Binance took in $1.01 billion while $4.65 billion went out in the first nine and a half hours after withdrawals came back, leaving a net outflow of $3.64 billion.
• The exchange says the rush is already cooling, with withdrawal volumes easing after an early spike and deposits still coming in at a healthy clip.
• Monday brings the next test, a fresh proof-of-reserves report, while most coins still wait for their withdrawals to reopen.

Withdrawals came back in phases from 1 a.m. ET on Sunday, and by 7:36 a.m. ET all 15 networks and assets in the first phase were open again. Binance processed $4.65 billion in withdrawals against $1.01 billion in deposits between 1 a.m. and 10:30 a.m. ET, and it puts the net outflow at 2.1% of its $171 billion in assets, based on its October 28 reserves data.

Not everything is open yet. Binance is still testing the rest of its networks and assets, including Cardano, Chainlink, Hyperliquid, Litecoin and NEAR. As of 11:22 a.m. ET, its status page showed withdrawals suspended for 531 of 552 coins, with 14 more, including bitcoin and ether, only partly back.

Read also: Bitcoin ETFs Bleed $643M in a Day After Binance Hack

So is the worst of the rush over?

Outside figures point the same way. DefiLlama counted $4.05 billion in net outflows from Binance over 24 hours to 11:37 a.m. ET, while the next 10 biggest exchanges it tracks pulled in about $368 million combined, led by OKX at $316.8 million. Bitcoin balances tell a similar story: Binance lost about 19,289 BTC in a day, while Coinbase gained about 984 BTC and Kraken about 1,422 BTC, according to CoinGlass.

My own read is simple — $3.64 billion sounds huge, and it is, but 2.1% of assets is not a bank run, it is users taking no chances after the biggest hack on record. Watch Monday's reserves report and whether the rest of the coins reopen on time. If both land clean, this rush fades fast, and if either slips, the exits pick up again.

Read also: FBI Blames North Korea for $6.3B Binance Hack — Can DeFi Block the Wallets?

— BitByLine News Desk

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Sources: The Block, CoinDesk